Turkey vs Vanuatu
Crypto regulation comparison
Turkey
Vanuatu
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.
Vanuatu has become a popular jurisdiction for crypto businesses due to its tax-free environment. The VFSC has developed a regulatory framework for digital assets.
Tax Type
None
Tax Type
No tax
Tax Rate
0% (legislation pending)
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Regulator
Vanuatu Financial Services Commission (VFSC)
Stablecoin Rules
Under development; CBRT banned crypto for payments
Stablecoin Rules
No specific stablecoin regulation
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
- VFSC regulates digital asset businesses
- No income, corporate, or capital gains tax
- Popular jurisdiction for crypto business registration
- Citizenship by investment program exists
- Developing digital asset regulatory framework