The Deputy Minister of Treasury and Finance said the bill that will help prevent the use of crypto for illicit activities, is ready for the parliament.
Deputy Minister Şakir Ercan Gül announced that the draft is ready and it will be presented at the Grand National Assembly of Turkey in October 2021. Companies related to the crypto industry will be overseen by the Capital Markets Board if the law passes.
According to Gül, the draft was created to protect retail investors, fight against money laundering and implement stronger rules for online exchange platforms. The Banking Regulation and Supervision Agency (BDDK) will be in charge of auditing the most relevant players in the industry, protecting consumers, and guaranteeing market integrity.
In April, Turkey’s Central Bank banned cryptocurrency payments because of their anonymity and absence of regulations. This measure was taken because of cryptocurrencies’ volatility and the felonious activity they are supposedly used for. Digital wallet theft and the impotence of the government to intervene were also mentioned in the press release.
The ban, focused on payments used for goods and services, will be effective on April 30. People will still be able to own digital currencies and transfer fiat from bank accounts to crypto exchanges. Just a few weeks later, Turkey set new anti-money laundering regulations for digital currencies. Exchanges are required to report any tradings with a value of over 10.000 Turkish lira ($1200).
The financial crimes investigation board of Turkey (MASAK) was given the jurisdiction to supervise the anti-money laundering regulations, but these new rules aren’t very clear yet. The Minister didn’t reveal many details, but he declared that digital currency exchanges would have just ten days to submit their reports.
“People must educate themselves about crypto. I often hear from citizens who invest in crypto, and when I ask them what crypto is, they often have no idea.”Lütfi Elvan, the Turkish Finance and Treasury Minister