The bill has been forwarded to Turkish President Recep Tayyip Erdoğan for approval. If approved, the decision will be published in the Official Gazette by the end of the week, bringing the bill into effect. Under the new bill, crypto exchanges seeking to operate legally in Turkey need to obtain a license from the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms that offer trading services could face prison sentences of three to five years.
Furthermore, crypto providers will have to implement and report measures such as seizures and other legal enforcement actions. They must also ensure that customer fund transfers—including deposits and withdrawals—are accessible and traceable by legal authorities. Although not explicitly stated in the bill, a transaction tax of 0.04% may be imposed on investors’ crypto trades, with details regarding regulation still unclear. Reportedly, key aspects of these regulations involve legal definitions of crucial crypto-related terms such as “crypto assets,” “crypto wallets,” and “crypto asset service providers.”