After two crypto exchanges in Turkey closed without sharing any information the Government started its plans for regulations.

Yesterday the Minister of Treasury and Finance, Lütfi Elvan, announced on CNN Türk that the crypto exchanges have to report anyone who trades or invests more than 10 000 Turkish lira ($ 1 200).

He didn’t disclose when the ban would take effect but said that after this happen the exchanges will have only 10 days to report those customers.

Elvan stated that Tukey uses the recent guidelines issued by the Financial Action Task Force (FATF) and that the Government doesn’t think that crypto traders have “malicious intent,”.

The Government will also issue a regulation to protect the customers. Elvan said that many use crypto but not all of them understand why. “People must educate themselves about crypto,” he said. “I often hear from citizens who invest in crypto, and when I ask them what crypto is, they often have no idea.”

Last week the Government said that the crypto exchanges must level-up their KYC practices and report suspicious trading behavior to the government “just like banks.” The surprise is that the exchanges expected to report users who invested over 75 000 ($9 100) like it is for the financial institutions under an unspecified “other” category. It looks like they were wrong.

Last month two crypto exchanges Thodex and Vebitcoin disappeared out of thin air locking up the funds of their customers.

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