Requirements For The Cryptocurrency Market In Turkiye Are Getting Tougher
Date
6/29/2024 10:18:08 PM
(MENAFN- AzerNews)
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.
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