ANKARA, Turkey, Thursday, June 27,2024- – Turkey’s parliament passed a new cryptocurrency bill on Thursday, introducing regulations for the industry alongside potential penalties for violations.1
The legislation establishes a framework for licensing and overseeing cryptocurrency service providers within the country.
It also outlines penalties for non-compliance, including prison sentences and hefty fines. Individuals or entities found to be in violation could face fines of up to 1 million Turkish lira, which translates to roughly $182,000 according to current exchange rates.
Specific details regarding the types of offenses and corresponding prison terms were not immediately available.
However, the bill marks a significant step towards regulating the cryptocurrency market in Turkey.
The legislation comes amid growing global interest in cryptocurrencies, prompting governments worldwide to address the need for clear regulations. While some countries are embracing this new financial technology, others remain cautious, seeking to mitigate potential risks associated with cryptocurrencies like money laundering and market volatility.
Turkey has seen a surge in cryptocurrency adoption in recent years. The new bill aims to provide regulatory clarity and establish oversight mechanisms to ensure responsible growth within the Turkish crypto space.
- crypto.news: https://crypto.news/turkeys-parliament-passes-crypto-bill-with-prison-terms-and-fines-up-to-182k/[↩]
