Turkey to Keep Close eye on Cryptocurrency Transactions above $1.2k

The Turkish government has now rolled out a new regulation as part of it set of rulings against the use of cryptocurrencies as payments within the region. The regulation was revealed by the Minister of Finance and Treasury in the region yesterday 6^th May, 2021 in a live broadcast by CNN Turk.

Cryptocurrency exchanges in Turkey are now bound by the new regulation to report any cryptocurrency transactions that surpasses $1,200 (10,000 Turkish Liras) to MASAK also known as the Financial Crimes Investigation Board as announced by the minister; Lutfi Elvan.

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Few weeks back, in a report by CryptoTVplus, the central bank of Turkey ruled out cryptocurrencies as means of payment in Turkey and placed a ban on firms that facilitated the payments. This move according to the authorities was to protect the currency of the country; Turkish Lira.

MASAK to Regulate Crypto Exchanges with new Regulation

The treasury minister has noted that the new move by the government is to bring crypto exchanges under the regulation of the body. Framework to govern the concerned exchanges as regard crypto transactions has been prepared according to Elvan;

“MASAK has full audit authority over crypto exchanges, Crypto trading platforms are now obliged to share the 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 transactions worth over 10,000 Turkish Liras in 10 days after the trading.” 

A final drafted regulatory framework is expected to be completed in the coming weeks and to be awaiting approval. Hopefully the framework will bring clarity to the unclear status of regulation in the region so as to avoid local cryptocurrency users suffering backlash.