Is There A Ban On The Use Of Turkish Language For Foreign Cryptocurrency Exchanges?

New Information Revealed About the Cryptocurrency Asset Bill: No Barrier to Access for Foreigners, but Restrictions and Bans in Turkish Language Expected.

Details about the eagerly awaited cryptocurrency asset bill in Turkey have begun to take shape during meetings organized by the Capital Markets Board of Turkey, led by the Capital Markets Board. Representatives from institutions such as the Central Bank of the Republic of Turkey (CBRT), the Financial Crimes Investigation Board (MASAK), and the Banking Regulation and Supervision Agency (BDDK) attended the meetings alongside cryptocurrency exchanges and banks. The main agenda of the meetings was cryptocurrency exchanges, focusing on defining, licensing, securing, and determining the types of cryptocurrency assets.

Mehmet Türkarslan, the Legal Unit Director of Paribu, expressed that significant and major changes regulating cryptocurrency platforms are expected with the bill. Additionally, Tansel Kaya, a prominent figure in the crypto ecosystem, provided information about possible sanctions that may be applied to foreign exchanges. According to Kaya, foreign exchanges operating in Turkey may face regulations such as removing the Turkish language and being unable to tweet in Turkish. However, it was emphasized that these sanctions are regulatory measures aimed at protecting users.

Furthermore, stricter sanctions are expected for the executives of cryptocurrency exchanges. It was mentioned that executives would bear significant responsibilities concerning losses, facing severe imprisonment penalties distinct from those imposed on banks, and having personal assets at stake. This indicates a more rigorous regulation for cryptocurrency exchange executives.

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