Turkey’s Minister of Treasury and Finance has reportedly offered visibility on the courses of actions, regulatorily, after an alleged $150-million crypto exchange scam recently took place. 

Specifically, it is reportedly mandatory for Crypto exchanges operational across Turkey to keep the Financial Crimes Investigation Board (MASAK) updated on any crypto transactions, exceeding the 10,000 Turkish liras ($1,200) threshold. 

Turkish Minister of Treasury and Finance Lütfi Elvan – via a CNN Turk live broadcast – reportedly disclosed the authority’s initiative to grant crypto the definition of a nonmonetary asset, as well as removing crypto from the list of viable payment measures.

Elvan additionally added that the next stage is to equip MASK with the necessary legal right to audit and supervise crypto exchanges.

Elvan further revealed a guideline for crypto exchanges is reportedly down the pipeline already, which comes with rules and penalties for reporting transactions. 

“MASAK has full audit authority over crypto exchanges,” Elvan said. “Crypto trading platforms are now obliged to share the information of their active users with MASAK. They are liable for any suspicious activities on their platforms. They are also responsible for notifying MASAK about any transactions worth over 10,000 Turkish liras in 10 days after the trading.”

Elvan reportedly shared that a collaboration with the Banking Regulation and Supervision Agency, Capital Markets Board, and Revenue Administration has been established to make the draft possible, under the presidency of the deputy minister. 

Per Elvan, comments from professionals and crypto exchange representatives in the nation were also noted during the study. The final draft will be available for seeking to greenlight by President Recep Tayyip Erdoğan shortly.