Treasury and Finance Minister speaking to Anadolu Agency Mehmet Simsekmade a warning to the sector by drawing attention to new obligations for crypto currency service providers and payment organizations. Financial Crimes Investigation BoardStating that serious sanctions will be applied if the new arrangements published by MASAK (MASAK) will be implemented in full adaptation, Simsek stressed that they aim to process the financial system on a transparent and reliable ground. Within the scope of new applications crypto currency Platforms are no longer not only a technology initiative, but also equivalent to the primary actors of the financial system such as banks and intermediary institutions. Şimşek, in his statement to the sector representatives, “We will not give the opportunity to those who want to abuse the financial system,” he said.
Masak rules will have serious consequences of not complying
As it is known, new crypto currency arrangements dated December 25, 2024 Official GazetteIt was published gradually entered into force. The comprehensive legislative changes prepared by MASAK were prepared with the aim of preventing crimes such as money laundering and illegal betting. In this context, crypto currency platforms are now considered to have the same obligations as banks, insurance companies and intermediary institutions.
Minister Şimşek, calling for full compliance with the obligations that form the basis of the new system, by establishing risk management mechanisms of crypto currency service providers, closely monitoring customer transactions and MasakHe said he was responsible for providing information in electronic environment. In addition, each platform appointment of a harmonious officer and detailed customer diagnostic measures are now a legal obligation. The first financial transactions through the bank plays a key role for the security of the system.
In the international literature, the application, known as the “Travel Rule ve and requires detailed sharing of information about transfer operations TürkiyeIt also became valid. In case of deficiency in this information, the transfer process will not be started. Şimşek stressed that they will not allow the system to be filled in any way.
Stablecoins and anonymous transactions under lens
Lightning is not only platforms, but Payment organizationsHe also stated that he is now subject to a much more strict audit. Especially in order to prevent systems that are intermediary for personal and financial information sharing connected to illegal betting sites, new restrictions have been imposed on the customer acceptance processes of payment organizations. These organizations will no longer be able to receive customers with simplified procedures, and whether the transactions carried out through POS terminals are compatible with business relations will be meticulously followed.
On the other hand, the types of crypto currencies that increase anonymity and work based on privacy were also drawn attention. Additional measures will be applied to the customer acceptance of platforms that facilitate the purchase and sale of such assets. Lightning, money laundering and financing of terrorism stablecoin‘s is also under close follow -up and new regulations will be announced in a short time, he said.
With the new frame formed by Masak Crypto Money SectorA period in which all actors operating in the traditional financial system have a similar level of responsibility began. Şimşek’s statements clearly reveal that it is no longer possible to do “old procedure” work in the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
