The Turkish Ministry of Finance, in cooperation with the MASAK, has announced that all cryptocurrency transactions worth more than 10,000 lira (approximately $1,200) will now be registered. Minister Lutfi Elvan confirmed this on the local CNN channel.
Following the widespread fraud committed by the Thodex crypto exchange across the world and tightening the rules governing digital currencies in Turkey since April 30, they are managing the new asset class has become particularly important for local authorities. The central bank, in turn, designated the tokens as non-monetary assets, prohibiting them from being used to purchase goods and services.
Following a wave of dissatisfaction with Thodex and its leadership, the government granted MASAK broad powers to perform forced audits and monitor suspicious activity on cryptocurrency marketplaces. According to the minister, exchange representatives will be required to share data about their customers within ten days of making transactions worth more than 10,000 lira.
The BRSA and the CMB also assisted the agency in developing the bill. The Turkish crypto culture would not well receive such an invention.