Minister Şimşek warns cryptocurrency exchanges: "We will not open our eyes"

Treasury and Finance Minister Mehmet Şimşek issued warnings against crypto asset service providers. In his statement to AA, Şimşek stated that the new regulations should be fully complied with and said, "We will not allow those who want to abuse our financial system to turn a blind eye. 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."

"Crypto transfers will not be allowed if there is a lack of information"

Şimşek stated that the 'travel rule' has now been put into practice in crypto asset transfers and emphasized that if there is a deficiency in the information requested in this context, the transfer process will not be allowed:

"Crypto-asset service providers are required 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 crypto asset transfers, it has become mandatory to obtain detailed information in the transfer messages, known as the 'travel rule' in the international literature. If there is a deficiency in this information, transfers will not be allowed."

Stablecoins are closely monitored

Finally, Şimşek added that strict measures have been introduced that make it difficult to accept customers for platforms that mediate the purchase and sale of privacy-oriented cryptocurrencies. The minister also underlined that they are closely monitoring stablecoins:

"'Stable crypto assets', which have been found to be used extensively in money laundering and terrorism financing, are also closely monitored. Necessary arrangements will be made in this area by MASAK in a short time. MASAK's new regulations directly concern not only crypto-asset platforms but also payment institutions. Payment institutions will no longer be able to accept customers in a simplified manner. Transactions made through virtual and physical POS terminals and the use of these terminals in accordance with the business relationship should also be strictly monitored. We are also closely monitoring payment institutions in terms of actions aimed at laundering the proceeds of crime, especially illegal betting and fraud."

Published: April 16, 2025 11:41Last Updated: April 16, 2025 11:42