Turkey has plans to impose taxes on profits made from investments in stocks and crypto assets, Bloomberg reported on Tuesday, citing sources familiar with the matter.

The plans were taken up by Treasury and Finance Minister Mehmet Simsek during a recent meeting with members of the ruling AK Party, officials told the news agency.

The plan is reportedly part of a fiscal tightening push. The officials have not made any final decisions on the matter.

In 2008, the country reduced the tax rate on gains from stocks to 0% from 10%.

The plan may impact the stock market, but it is likely to “reduce volatility, enhance the investment culture and reduce speculation,” according to Burak Cetinceker, a money manager at Strateji Portfoy in Istanbul.

“In the short term, this sounds like pain for the equity market, but in the long term, it means a huge gain.”

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com