thecoinrepublic.com
- The President of Turkey, Recep Tayyip Erdogan asserted that laws on cryptocurrencies were ready & will soon be sent to parliament.
- The Turkish Financial Crime Investigation Board (MASAK) has imposed a fine of 8 million Lira ($751,314) on Binance exchange for its violations.
- The Turkish administration has always been skeptical of cryptocurrencies
The world has geared up to take a stance on cryptocurrencies, especially after China decided to impose a blanket ban on the same. While many regulators are soon figuring out the appropriate regulations for the spectrum, Turkey seems to be finished drafting its course for cryptocurrencies & other digital assets.
The President of Turkey, Recep Tayyip Erdogan mentioned that laws on cryptocurrencies were ready & is soon to be expected to hit the parliament desks without any delay, in his conference with the journalists on December 24. The administration will soon roll out plans to limit & alter the space of cryptocurrencies in the country.
Shortly after the announcement, the local news network reported that the Turkish Financial Crime Investigation Board (MASAK) had imposed a fine on Binance’s Turkish segment of the exchange known as BN Teknoloji worth 8 million Lira or $751,314 over violations found during a random during random investigation.
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Without revealing much of the intricacies of the incident, it was further reported that such fines imposed on Binance were first of its kind since the authority body decided to keep vigilance over the crypto sector in the country back in May.
Replying to the incident, the PR team from Binance Turkey issued a statement that focused more upon the firm’s effort to comply with regulations & furthermore openly communicated and cooperated with the regulatory watchdogs. It also added that the firm continues to follow changing policies, rules & laws of the new sector. Lastly, the firm concluded by stating that Binance strived to create a sustainable, healthy & safe ecosystem.
However, even though such actions were taken for the first time, Turkey has always been skeptical of cryptocurrencies while the president Erdogan was found stating that the administration was at war with cryptocurrencies. The deputy chairman of the justice & development party, Binali Yildirim also shared similar opinions where he said cryptocurrencies open the door to various grievances; hence it needed serious control.
In May, the administration also drafted some rules for trading cryptocurrencies & exchanges in their official gazette after exchanges like Thodex & Vebitcoin were charged & investigated for fraud. Lastly, The Central Bank of the Republic of Turkey (CBRT) also has banned cryptocurrencies as a means of payment in exchange for goods & services.