PANews reported on March 2nd that, according to Reuters, Turkey's ruling party has submitted a draft tax law to parliament proposing a 10% withholding tax on profits from cryptocurrency transactions on compliant platforms, payable quarterly. Profits from cryptocurrency transactions outside authorized platforms will be subject to annual tax declarations. The draft also proposes a 0.03% transaction tax on cryptocurrency service providers, applicable to sales and transfers they facilitate or directly conduct. Due to high inflation and the depreciation of the lira in recent years, the use and trading volume of crypto assets in Turkey has grown rapidly, with annual trading volume approaching $200 billion by 2025.