- Turkish legislators have passed a crypto bill.
- The bill was introduced to parliament this month.
- The bill’s provisions strengthen crypto oversight in several ways.
Turkey’s parliament has reportedly passed a crypto bill that amps up digital asset regulation with prison terms, hefty fines, and other legal enforcement actions.
The development follows Turkey’s move in May to introduce a legislative proposal aimed at mitigating the risks of parties transacting with cryptocurrencies in the country. The proposal received the Parliamentary Planning and Budgeting Committee’s approval the same month and proceeded to the next stages of legislation.
Legislators Back Turkey’s Crypto Bill
On June 27, Bloomberg reported that the Turkish Grand National Assembly unanimously passed the crypto bill, allowing it to be forwarded for final presidential approval and assent into law.
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The bill’s passage positions the handling of cryptocurrencies under the purview of Turkey’s financial watchdog, the Capital Markets Board, which will also be responsible for licensing digital asset exchange platforms.
In addition to requiring crypto service providers to implement and report measures such as seizures and regulatory enforcement actions, the bill mandates digital asset platforms to ensure that customer fund transfers are accessible and traceable by law enforcement. This includes both deposits and withdrawals.
Crypto platforms that violate the bill’s provisions will risk fines ranging from $7,500 to $182,600 and prison terms of up to five years. The Capital Markets Board also reserves the right to clear independent audit firms for digital asset companies and temporarily suspend the operations of non-compliant platforms.
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President Recep Tayyip Erdoğan is expected to approve the bill this week and get it published in the Official Gazette or return it to parliament in case of a “veto” decision.
Read how a U.S. state is mulling Bitcoin for taxes:
Bitcoin for Paying Taxes? Here’s the Bill to Make It Happen
Stay updated on the rebranding of NGS Crypto:
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