Requirements for the cryptocurrency market in Turkiye are getting tougher

By Alimat Aliyeva

Turkiye plans to tighten regulatory and control measures related to the cryptocurrency market, Azernews reports.

The relevant proposals are reflected in the draft law "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, from now on, services for crypto accounts will be provided only with the official permission of the Turkish Financial Markets Supervision Authority (SPK).

Individuals and legal entities that ignore the requirements of the law will bear maximum responsibility under the new rules. They face imprisonment for a term of 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 one percent of the 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 in the country's legislation come into force, the activities of all foreign individuals and institutions providing crypto asset services will be banned in Turkiye.