The Turkish parliament passed a crypto bill imposing fines up to $182,600 and prison terms of three to five years for violations. The bill, introduced by ruling party chairman Abdullah Güler, now awaits Turkish President Recep Tayyip Erdoğan’s approval.
If enacted, crypto exchanges must obtain licenses from Turkey’s Capital Markets Board to operate legally. Violating this regulation could result in significant penalties, including imprisonment. Additionally, crypto platforms must ensure that all fund transfers are traceable by legal authorities.
Though not included in the bill, a potential 0.04% transaction tax on crypto trades is under consideration. Since 2021, Turkey has been tightening regulations after being added to the FATF’s “grey list” for poor supervision of sectors prone to money laundering.
In early 2024, Treasury and Finance Minister Mehmet Şimşek emphasized that new regulations aim to mitigate risks and protect retail investors. The bill’s long-term significance lies in its potential to enhance financial transparency and compliance with international standards.
