New Law Regulates Cryptocurrency Usage
Turkey’s parliament passed a bill regulating cryptocurrency usage and establishing penalties for violations. Fines range from $7,500 to $182,600. Individuals may face imprisonment for three to five years.
Development and Regulation Guidelines
The ruling Justice and Development Party submitted the bill in May. It was prepared with input from relevant agencies, especially Turkey’s financial market regulatory department. This department will issue licenses for blockchain and similar technologies. It will also oversee the issuance, distribution, and trading of cryptocurrency. All cryptocurrency transactions must now be registered.
Long-Awaited Regulation and International Implications
Turkey has discussed cryptocurrency regulation for a long time. The new law aims to help Ankara exit the Financial Action Task Force’s (FATF) “grey list,” according to Sözcü TV.
Growing Cryptocurrency Ownership
Currently, about 12 million people in Turkey own cryptocurrency, notes TRT TV.
