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The requirements for the cryptocurrency market in Turkiye are becoming increasingly strict
By Alimat Aliyeva
Turkiye plans to strengthen regulatory and control measures related to the cryptocurrency market, Azernews
relationships.
The proposals in question are reflected in the bill “On amendments to the Law on Financial Markets of Turkiye”, which will be considered today at a meeting of the Grand National Assembly of Turkiye.
According to the bill, crypto account services will henceforth be provided only with the official permission of the Turkish Financial Markets Supervisory Authority (SPK).
Natural and legal persons who ignore the requirements of the law will have maximum liability under the new rules. They risk imprisonment for 3 to 5 years or a large fine.
At the same time, all individuals and organizations working in the cryptocurrency market with information from the state will have to pay 1% of annual profit to the budgets of the SEC and the same amount to the budgets of the Scientific and Technical Research Council. Turkiye (TUBITAK) by the end of May each year.
Three months after the changes to the country’s legislation come into force, the activities of all foreign individuals and institutions providing cryptocurrency services will be banned in Turkiye.
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