Turkish Ministry of Finance, in collaboration with the MASAK, has announced that all cryptocurrency transactions over 10,000 lira or 1,200 will now be tracked. Minister Lutfi Elvan stated this on the local CNN channel.
After the widespread fraud across the country by the Thodex cryptoexchange and the tightening of the rules for regulating digital currencies in Turkey since April 30, the issue of controlling the new asset class has become especially relevant for local authorities. The central bank, in turn, called the tokens a non-monetary asset, forbidding them to be used to pay for goods and services.
After a wave of discontent around Thodex and its leadership, the Government gave MASAK a wide range of powers to conduct forced audits and track suspicious activity on cryptocurrency marketplaces. The very same representatives of the exchanges, according to the minister, will be forced to share data about their customers within 10 days after making transactions worth more than 10,000 lira.
BRSA, as well as the CMB helped the agency in shaping the bill. It is clear that the Turkish crypto community is unlikely to be happy with such an innovation. We will try to keep you informed about how netizens will react to the decision of local authorities.