Crypto exchanges in Turkey must now inform Financial Crime Investigation Board or MASAK, about crypto transactions over $1200 (10,000 Turkish lira). Turkish Finance and Treasury Minister, Lutfi Elvan, discussed crypto regulations on CNN Turkey.
Turkey central bank announces crypto regulations are underway after $150 fraud involving major crypto exchanges. Two weeks later Elvan responded by saying the outright ban is unlikely to happen, on live TV.
“People must educate themselves about crypto,” Elvan said, adding that “I often hear from citizens who invest in crypto, and when I ask them what crypto is, they often have no idea.”
“MASAK has full audit authority over a crypto exchange, “ Elvan said. “Crypto trading platforms are now obliged to share information of their active users with MASAK”.
“They are liable for any suspicious activities on their platforms. They are also responsible for notifying MASAK about any transaction worth over 10,000 Turkish lira 10 days after trading”.
According to Elvan, the legal draft study also includes opinions from local experts and crypto exchange representatives. The final draft will soon ready for approval by President Recep Tayyip Erdogan. Though Elvan didn’t specify when the new regulations would take effect.
Turkeys need precise regulation and fair taxing regarding crypto to avoid future victimization of local crypto users. In mid-April, the government issued a ban on cryptocurrencies for payments.