Türkiye enters the cryptocurrency market

17:07 - 24.06.2024

June 24, Fineko/abc.az. Türkiye plans to tighten regulatory and control measures regarding the cryptocurrency market.

ABC.AZ reports that the relevant proposals are contained in the draft law "On Amendments to the Law on Financial Markets of Türkiye", which will be considered at a meeting of the Grand National Assembly of Türkiye.

According to the bill, from now on, services for crypto accounts will be provided only with the official permission of the Turkish Financial Market Supervision Agency (SPK).

Individuals and legal entities that ignore the requirements of the law will be held to maximum responsibility under the new rules. They will be punished by imprisonment for a period of 3 to 5 years or heavy fines.

At that, all individuals and organizations operating in the cryptocurrency market with government information will have to pay 1% of the annual profit annually to the budgets of SPK and the same amount to the budgets of the Turkish Council for Scientific & Technical Research (TÜBITAK) by the end of May.