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Turkey Tells Exchanges to Report Crypto Transactions Over $1,200 to Financial Watchdog

While talking to a live broadcast, the Turkish minister of finance Lütfi Elvan announced the new government policy around crypto trading, saying that the local and global exchanges with presence in the country must report to the officials about crypto transactions over $1,200 – nearly ten thousand Turkish liras.

The decision comes nearly two weeks after a mega $150 million fraud was unearthed by the authorities. Since the central bank’s new head took office, it has moved to declare the digital assets as non-monetary tokens, banning the use of digital currencies as a form of payment throughout the country.

Erdogan administration’s official further noted that the second step towards it would be to grant the MASAK – the country’s financial watchdog – to audit the transactions on the crypto platforms and exchanges. He further revealed that the Turkish watchdog had also prepared a system of rules and penalties for not reporting transactions.

While defending the government’s new policy towards crypto assets and exchanges, Elvan highlighted that the opinion of crypto supporters and experts were taken during its study. He added the new law would soon be ready to be signed by the Turkish President Recep Tayyip Erdogan.

Ankara’s crackdown on crypto exchanges came after a local platform Thodex was accused of involvement in fraudulent activities. In response to the concerns leveled by the users, the law enforcement took action and detained as many as 62 people related to the company. Reportedly, the company’s CEO fled to neighboring Albania, constantly denying any wrongdoings.

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