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Turkey vs Venezuela

Crypto regulation comparison

← Back to map | Turkey | Venezuela
Turkey

Turkey

Venezuela

Venezuela

Legal
Legal

Turkey has one of the highest crypto adoption rates globally, driven by lira depreciation and high inflation. While crypto ownership is legal, the CBRT banned crypto payments in April 2021. In 2024, Turkey passed comprehensive crypto legislation under the Capital Markets Law amendment, giving the CMB authority to license and regulate crypto asset service providers. No crypto-specific tax exists yet, though legislation is under consideration. MASAK (Financial Crimes Investigation Board) oversees AML compliance.

Venezuela has a unique crypto history. The government launched the Petro (PTR) state cryptocurrency in 2018, backed by oil reserves, though it was widely considered a failure and discontinued. SUNACRIP regulates crypto activities and has licensed mining operations. Venezuelans have high crypto adoption due to hyperinflation, with USDT widely used as a de facto currency. Crypto mining requires a SUNACRIP license.

Tax Type None
Tax Type Income
Tax Rate 0% (legislation pending)
Tax Rate Up to 34%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Regulator SUNACRIP (Superintendencia Nacional de Criptoactivos)
Stablecoin Rules Under development; CBRT banned crypto for payments
Stablecoin Rules Government launched Petro (PTR) state crypto (discontinued); SUNACRIP regulated stablecoins
Key Points
  • 2024 Capital Markets Law amendment gives CMB authority to license crypto platforms
  • CBRT banned the use of crypto assets for payments in April 2021
  • No crypto-specific tax currently; capital gains tax legislation under discussion
  • MASAK enforces AML/KYC requirements on crypto platforms
  • Turkey ranks among top 5 globally for crypto adoption (driven by lira depreciation)
Key Points
  • SUNACRIP regulates crypto exchanges, mining, and service providers
  • Government-backed Petro cryptocurrency launched in 2018, largely discontinued
  • Crypto mining requires SUNACRIP license and registration
  • Very high crypto adoption driven by hyperinflation; USDT widely used
  • Income from crypto subject to progressive tax rates up to 34%
Sources
Sources