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In a recent statement to Anadolu Ajansı, Turkey’s Minister of Treasury and Finance, Mehmet Şimşek, warned cryptocurrency service providers and payment institutions about new obligations that have been implemented. He emphasized that significant penalties will be imposed for failure to comply with the new regulations released by the Financial Crimes Investigation Board (MASAK). The goal is to ensure that the financial system operates on a transparent and reliable foundation. Under the new guidelines, cryptocurrency platforms are now held to the same responsibilities as banks and brokerage firms, not merely regarded as technology ventures. Şimşek declared, “We will not give opportunities to those who seek to misuse the financial system.”
Serious Consequences for Non-Compliance with MASAK Rules
As known, the new cryptocurrency regulations were published in the Official Gazette on December 25, 2024, and are being gradually implemented. The comprehensive legislative changes prepared by MASAK aim to prevent crimes such as money laundering and illegal betting. Consequently, cryptocurrency platforms are now subject to the same obligations as banks, insurance companies, and brokerage firms.
Minister Şimşek called for full compliance with the obligations that form the foundation of the new system. He stated that cryptocurrency service providers are responsible for establishing risk management mechanisms, closely monitoring customer transactions, and providing electronic information to MASAK. Additionally, appointing a compliance officer and implementing detailed customer identification measures has become a legal requirement. Conducting initial financial transactions via banks plays a crucial role in ensuring system security.
The so-called “travel rule,” which mandates detailed information sharing regarding transfer transactions, has also become applicable in Turkey. Transfers cannot be initiated if there are deficiencies in the required information. Şimşek stressed that they will not allow any loopholes in the system.
Increased Scrutiny on Stablecoins and Anonymous Transactions
Şimşek noted that payment institutions, along with platforms, are now subject to much stricter oversight. In particular, new restrictions have been imposed on the customer acceptance processes of payment institutions to prevent systems from facilitating personal and financial information sharing related to illegal betting sites. These institutions can no longer onboard customers using simplified methods, and transactions conducted through POS terminals will be meticulously monitored for compliance with business relationships.
Furthermore, attention has been drawn to cryptocurrencies that enhance anonymity and operate on privacy-oriented principles. Platforms facilitating the trading of such assets will be required to implement additional measures during customer acceptance. Şimşek indicated that stablecoins, often used in money laundering and terrorist financing, will also be closely monitored, with new regulations to be announced shortly.
With the new framework established by MASAK, all stakeholders operating in the cryptocurrency sector now bear responsibilities similar to those in the traditional financial system. Şimşek’s statements clearly convey that operating in “old-fashioned” ways in the sector is no longer feasible.
