Turkey’s lawmakers are drawing up new legislation. The authorities will require everyone involved in cryptocurrency operations to register their activities. This move signals another step towards total control. Meanwhile, Turkey’s government is ready to introduce rules for handling digital currencies and penalties for violations.
Turkey’s Parliament has passed a bill regulating the use of virtual assets. The new legislation sets out fines ranging from $7,500 to $182,600 for breaching these rules. The cherry on top is jail terms spanning from three to five years.
According to the new regulations, Turkey's Financial Markets Regulation Department will issue licenses for the development, application, and sale of digital assets, as well as for the issuance, distribution, and trading of cryptocurrencies. All digital transactions must be registered.
Turkish media reports that nearly 12 million people in the country currently own cryptocurrency. It was previously reported that transactions in this sector, popular in Turkey due to economic instability, would be taxed at 0.03%.
Remarkably, the share of the Turkish lira in global cryptocurrency exchange trading reached an impressive 19% in early June 2024. In this context, the Turkish currency surpassed the euro and took third place.
