The Financial Crimes Investigation Board, or MASAK, will now be informed about any crypto transactions over 10,000 Turkish liras ($1,200), by crypto exchanges that have presence in Turkey.
The new policy was announced by Lütfi Elvan, the Turkish Minister on Treasury, on a CNN Turk live broadcast last night.
Elvan shared updates on the government’s draft crypto regulation on live TV, after two weeks after a $150-million fraud involving a major crypto exchange in Turkey.
Crypto is a nonmonetary asset and the use of cryptocurrency banned as a form of payment, by the Turkish government.
Elvan noted that the second step was to grant MASAK the authority to audit and oversee crypto exchanges.
According to Elvan, MASAK has prepared a guideline for crypto exchanges that includes the rules and penalties for reporting transactions.
“MASAK has full audit authority over crypto exchanges,” Elvan said. “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.”
Elvan announced that a legal draft has been prepared in cooperation with the Banking Regulation and Supervision Agency, Capital Markets Board and Revenue Administration under the presidency of the deputy minister, as Cointelegraph reported last month.