The Turkish Parliament has adopted new rules for regulating cryptocurrencies in the country
According to the adopted bill, the Capital Markets Council (SPK) received the right to regulate cryptocurrency transactions, issue licenses in the areas of development, application and sale of blockchain technologies, and also apply sanctions to companies operating in the local crypto market.
The document states that individuals and legal entities face from three to five years in prison for operating without a cryptocurrency service provider license, and for fraudulent activities with cryptocurrency - from 14 to 22 years. Authorities expect that the adopted bill will help remove Ankara from the Financial Action Task Force (FATF) gray list.
A bill on the regulation of cryptocurrencies was sent to parliament in May 2024 by the ruling Justice and Development Party, and was prepared taking into account the recommendations of the country’s relevant departments.