🇹🇷 Türkiye has finally submitted its proposed law for digital currencies

19 May 2024

Turkey has introduced a new law to regulate crypto service providers, increasing oversight and licensing requirements with the aim of increasing FATF compliance.

The bill, submitted to parliament by President Tayyip Erdogan's party, targets foreign cryptocurrency exchanges and related companies and imposes fines for unlicensed activities.

This bill does not include provisions for taxes. However, crypto service providers must pay 1% of their revenue to the CMB and the Scientific and Technological Research Institute of Turkey (TÜBİTAK).

Ankara has been working on this law for over two years, trying to reduce various risks in the crypto industry.

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