Turkey will impose fines and prison terms for violating the rules of handling cryptocurrency

The bill, prepared by the ruling party with the participation of specialized agencies, was approved by the parliament

27.06.2024 - 08:40

2 min

What’s new? Turkey’s parliament has passed the ruling Justice and Development Party’s crypto regulation bill, which aims to bring the sector’s oversight approach in line with international standards and reduce risks to the financial system. The document establishes not only rules for handling cryptocurrency but also penalties for their violations.

Material by TASS

What else is known? As reported by TASS with reference to the local government media, for individuals there are fines ranging from $7500 to $183 000, as well as imprisonment for three to five years.

The authority to control the crypto sphere will be transferred to the Capital Markets Board (CMB), which, in cooperation with the Scientific and Technological Research Council, will issue licenses for the development, use, and sale of blockchain technology. The CMB will also oversee the issuance, distribution, and trading of cryptocurrency.

Licensing rules have been developed for crypto exchanges and brokers, as well as regulations for storing client assets, resolving disputes, and imposing fines. Transactions involving the purchase and sale of cryptocurrencies will be taxed.

The measures are expected to allow the country to get off the gray list of the International Financial Action Task Force (FATF), where it was included due to insufficient measures to combat the financing of illegal activities.

Italy to impose fines of up to 5 million EUR for fraud in the crypto market

The central bank and the securities regulator will oversee the sector

The Markets in Crypto-Assets (MiCA) regulation is coming soon to the EU, and to comply with it, some crypto exchanges have begun delisting certain stablecoins. The UK also intends to introduce its own bill, different from MiCA, the authorities said that this will allow the country to gain a competitive advantage.

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