The move towards the bitcoin and altcoin sector in Turkey has been on the agenda for a long time. Recently it was reported that this bill would be introduced in the Turkish Grand National Assembly. Various articles about the law also started appearing in the mainstream media. Kryptokoin.com We upload new items like…
Work on the legislation on bitcoin and altcoins is intensifying
As we have reported in recent days, a law on crypto currency was expected in Turkey. Several Turkish experts shared their comments on future regulations. Indeed, Mustafa Elitas, the vice-president of the parliamentary group of the AK Party, also took part in a Twitter conversation in recent days, calling experts to parliament today. At the same time, the bill appeared in the mainstream media. As a result, those who act as suppliers of crypto money without a permit will be punished with imprisonment from 3 to 5 years and a fine of up to 10 thousand days. Companies that are not authorized in the field of cryptocurrency trading will be fined at least 20 thousand lira. It also stated that the authority to grant permission to the cryptocurrency platform has been delegated to the Capital Markets Board (CMB).
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According to the draft, only authorized institutions in Turkey will be able to operate in commercial transactions. In addition, cryptocurrency providers may be responsible for hacking, cyberattacks or technical errors that occur in the cryptocurrency sector depending on their errors. The interest rate to be determined by the Institute each year, including at least 10% of all income excluding interest income, will be recognized as income in the budget of the Board once the cryptocurrency platform receives its operating license. If the CMB finds that the financial structure of the institutions has deteriorated, it will be able to request for strengthening of its financial structure. He will also have the right to suspend his activities and terminate his powers.
Loss caused to customers will be treated as embezzlement.
If a supplier whose operating license has expired, causes damage to customers, he is punished with imprisonment and fine in accordance with the said draft. According to this, loss by partners or customers of crypto suppliers would be considered embezzlement and could result in a prison sentence of 10 to 20 years. Also, a fine of up to 20,000 days can be claimed.
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Until the secondary regulation in this bill goes into effect, crypto-access platforms will be able to continue their operations without requiring board approval. The new platform will not be installed until the second rule is implemented. Those who have accounts with organizations operating abroad, but are residents of Turkey, will have their accounts and cryptocurrencies terminated within 6 months.