A Stern Warning to Cryptocurrency Exchanges from Minister Mehmet Şimşek! "The New Era Has Begun!"

As in the rest of the world, *Turkey continues to work on the regulation of crypto money.

At this point, while crypto regulations have come a long way, Treasury and Finance Minister Mehmet Şimşek warned about cryptocurrency service providers and payment institutions.

Speaking to Anadolu Agency (AA), Mehmet Şimşek commented on MASAK's work for cryptocurrency service providers and payment institutions.

Şimşek warned cryptocurrency service providers and payment institutions, stating that the new strict rules introduced within the scope of increasing the security of the financial system and combating the proceeds of crime should be followed.

Referring to the regulations published by MASAK in the Official Gazette on December 25, 2024, in order to protect the financial system and combat proceeds of crime more effectively, Şimşek reminded crypto platforms and financial institutions of his previous warnings that they should not mediate the transfer of citizens' personal and financial information to illegal betting sites.

At this point, Minister Şimşek warned crypto money platforms and organizations to comply with the strict regulations introduced by the legislative changes, stating that they will be in close follow-up and pointed out that those who do not comply will face heavy sanctions:

"We are taking decisive steps to bring our country's financial system in line with international standards.

At this point, we will not turn a blind eye to those who want to abuse our financial system.

Crypto asset service providers now have to fulfill their responsibilities as part of the financial system. Within the scope of the new regulations, crypto-asset service providers are also included among the financial institutions subject to the same obligations as banks, brokerage houses and insurance companies in terms of MASAK legislation."

Stablecoin Regulation Is On The Way!

In addition, stating that the necessary regulations will be made by MASAK in the field of stablecoins in a short time, Şimşek underlined that crypto money transfer transactions that do not meet the obligations imposed will not be allowed.

"Cryptocurrency service providers need to prepare a compliance program and appoint a compliance officer. It is important for them to establish risk management and customer transaction monitoring mechanisms, to register in the electronic notification system, and to implement detailed customer identification measures. These institutions have an obligation to fulfill important obligations, such as making the first financial transactions through the bank. In cryptocurrency transfers, it has become mandatory to obtain detailed information about the transfer process, which is known as the travel rule in the international literature. If there is a deficiency in this information, transfers will not be allowed."