Turkey moves to regulate crypto transactions exceeding $1,200

The authorities in Turkey will henceforth track and audit crypto transactions worth more than 10,000 Turkish liras ($1,200).

This was revealed by the country’s minister of treasury and finance, Lütfi Elvan, during a live session with CNN Turkey.

Elvan explained that the Financial Crimes Investigation Board (MASAK), now has the veto power to audit digital assets exchanges that transcends $1,200.

“MASAK has full audit authority over crypto exchanges,”  Lütfi Elvan narrated. “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.”

The government deemed it necessary to regulate the sector after two major Turkish crypto exchanges shut down reportedly due to a $150-million fraud some weeks ago.

Turkey has since banned crypto as a means of payment.

Recently, the Bank of England governor, Andrew Bailey, warned investors to only invest what they can afford to lose.

“I’m sorry, I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.”

Billionaire Elon Musk also urged Dogecoin fanatics to exercise caution before investing in the promising token.

The Space X and Tesla CEO advised people against investing all their life savings in cryptocurrency.

When asked if Dogecoin can become the next currency of the world.

 Elon Musk replied: “There’s currently a poll to say what do you want? I think it should be the will of the people.”

“First of all, I think people should not invest their life savings in cryptocurrency, I think that’s unwise.”

Nobody wants to be left out from the crypto-jackpot, but it is also necessary to DYOR and thread with caution when investing.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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