Turkey requires Bitcoin exchanges to report transactions above $1,200

Turkish-based cryptocurrency exchanges must notify the Financial Crimes Investigation Board (MASAK) about user transactions exceeding the limit of 10,000 Turkish lira (~$1,200). This was stated by Finance Minister Lütfi Elvan on CNN Turk.

📡| CANLI YAYIN |@Cnnturk I am answering questions live on the Gece Görüşü program. ⬇️https://t.co/ne5YuYctyY

— Lütfi Elvan (@lutfielvan) May 6, 2021

The minister reminded that the Central Bank of Turkey defined cryptocurrency as a non-monetary asset and banned its use as a form of payment. According to him, the second step was to empower MASAK with oversight powers over bitcoin exchanges.

The council drafted guidelines for trading platforms, including rules and penalties, Elvan added.

«MASAK has full authority to audit crypto exchanges. Trading platforms […] are responsible for notifying MASAK of any transactions above 10,000 Turkish lira within ten days», — stressed the Finance Minister.

He noted that in developing the new rules authorities took into account recommendations from experts and industry representatives. The final version of the document will be sent to the President of Turkey for consideration soon, Elvan said.

In April, the Thodex unexpectedly halted trading. As part of the investigation into an alleged exit scam, 62 people were arrested.

The CEO of the company, Faruk Fatih Özer, was declared wanted. Later a court arrested six people connected to Thodex, including relatives of the platform’s head.

On 26 April, the Turkish crypto exchange Vebitcoin ceased operations due to financial difficulties. Authorities blocked the platform’s accounts and arrested four people connected with the company.