On April 30, a ban on operations with cryptocurrencies came into force in Turkey. However, the country's Central Bank immediately rushed to clarify that there is no talk of a complete ban on digital assets. Bitcoin and other coins cannot be used to pay for goods and services.
The state is simply planning to introduce crypto regulation. A repressive policy will be carried out only about those exchanges that do not obey the requirements of the law.
This week on the air of CNN Turk, Turkish Finance Minister Lutfi Elvan said that now all transactions worth more than 10,000 lira or $ 1,200 will fall under the control of the government.
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Exchanges that will be able to operate in Turkish jurisdiction after receiving the appropriate permission will be required to provide information on transactions. Trader activity data will be analyzed by the Financial Crime Investigation Council (MASAK).
The minister said: "Cryptocurrency platforms are now required to provide information about their users' transactions to MASAK. Traders will also be responsible for any suspicious actions on the sites. They will also be responsible for promptly notifying MASAK of any transactions over 10,000 Turkish Lira within ten days of the start of trading."