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Turkey’s Minister of Treasury and Finance sheds light on enforcement decisions taken in the aftermath of an alleged $150 million cryptocurrency trading fraud.
Crypto exchanges with a presence in Turkey must now report all cryptocurrency purchases worth more than 10,000 Turkish liras ($1,200) to the Financial Crimes Investigation Board, or MASAK.
Turkish Minister of Treasury and Finance Lütfi Elvan announced the new policy on a CNN Turk live broadcast last night.
Elvan posted reports on the government’s draught crypto law on live TV two weeks after a $150 million scam involving a major crypto exchange in Turkey. The Turkish central bank has classified cryptocurrency as a nonmonetary asset and has prohibited the use of cryptocurrency as a type of payment.
The second move, according to Elvan, was to give MASAK the authority to audit and monitor cryptocurrency exchanges.
Elvan claims that MASAK has prepared a manual for crypto exchanges that contains the rules and fines for reporting transactions.
“MASAK has complete audit authority over cryptocurrency exchanges,” Elvan said. “Crypto trading platforms are now required to share MASAK with the information of their active users. They are responsible for any suspicious activity on their websites. They are also responsible for notifying MASAK within 10 days of any transactions worth more than 10,000 Turkish liras.”
As Cointelegraph noted last month, Elvan declared that a legal draught has been prepared in collaboration with the Banking Regulation and Supervision Agency, Capital Markets Board, and Revenue Administration under the presidency of the deputy minister.
During the analysis, Elvan claims that feedback from local experts and crypto exchange members were also solicited. The final draught will be ready for President Recep Tayyip Erdoan’s approval shortly, he said.
Cointelegraph announced in April that Turkish police arrested 62 people in connection with the Thodex crypto exchange scam. According to local experts, Turkey requires clear crypto legislation and equal taxation to prevent further victimisation of local crypto consumers.