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Turkey’s new policy on crypto monitoring

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The Turkish government has not been a fan of cryptocurrencies – to say the least. The government likes to maintain a strict control over its digital payment ecosystem and any disruptions are not tolerable. The Turkish government had also banned PayPal in the country for the same purpose. Now, the rise of cryptocurrencies has posed a challenge for the government and the regulators in the country.

The Turkish Minister of Treasury and Finance Lutfi Elvan announced a new policy that forced cryptocurrency exchanges in the country to inform the Financial Crimes Investigation Board (MASAK) about crypto transactions that are valued above $1,200. The country has banned the use of cryptocurrencies as a mode of payment and now the regulatory body, MASAK, is given the power to oversee and audit cryptocurrency exchanges. MASAK has also prepared a detailed guide for crypto exchanges in the country to be followed without exception.

Regulation of the cryptocurrency sphere has been regarded as a complex task throughout the world but now as the industry is set to become larger than life itself, governments. Have proactively started taking measures to control and regulate the market as much as possible. The South Korean government has been one of the most active in terms of cryptocurrency regulation. A law has been imposed which requires accounts on crypto exchanges to be based only on real names while another law imposes a 20% capital gains tax on cryptocurrency profits.

The IRS, too, has finally put its approved “John Doe” summons to use. A Federal court in California granted a motion for Kraken to provide client information to the tax regulatory authority. The wave of regulation in the cryptocurrency sphere may only be the beginning of what is to come.

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