According to Foresight News, the Turkish Parliament has passed an amendment to the Capital Markets Law, introducing new regulations concerning cryptocurrencies. As per the new law, cryptocurrency service providers must obtain permission from the Capital Markets Board (SPK) before setting up and operating. Individuals and legal entities operating as cryptocurrency service providers without authorization will face imprisonment ranging from 3 to 5 years.
If the crime involves fraudulent activities related to embezzlement, the offender could face 14 to 20 years of imprisonment. Judicial fines will not be less than three times the damage caused to the service providers and their clients. This move by the Turkish Parliament is seen as a significant step towards regulating the use and operation of cryptocurrencies in the country.