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Tag: Turkey

  • US regulators to join hands an interagency crypto regulation team

    US regulators to join hands an interagency crypto regulation team

    The regulation of cryptocurrencies had been a sour topic for regulators all over the world. The blockchain technology is relatively newer and not many people are well-versed in it, which makes navigating it all the more difficult. Moreover, the crypto sphere is also highly dynamic. Every day newer uses and newer innovations emerge in the market which places regulators at even a more difficult place.

    The brutal market crash may have put a lot of things into perspective as regulators in the United States have decided to join hands for a cryptocurrency regulatory body. The new head of the Office of the Comptroller of the Currency, Michael Hsu, revealed that the agency had been in talks with the United States Federal Reserve regarding a regulatory body focused solely on cryptocurrency. The regulatory body is described as an “interagency policy sprint team”.

    During a virtual meeting, Hsu discussed the proposition with the Fed vice chairman of supervision Randal Quarles as well as FDIC chairman, Jelena McWilliams. Randal Quarles also disclosed that the Fed had been actively working with other government agencies for the purpose of cryptocurrency regulation.

    Asian countries have had mixed stances when it comes cryptocurrencies. Turkey is one of the countries on the forefront of war against cryptocurrency-caused problems. The country has announced a new policy which forces crypto exchanges to inform the Financial Crimes Investigation Board (MASAK) of any cryptocurrency transaction exceeding $1,200. On the other hand, South Korea had launched a crackdown of its own on cryptocurrencies. Major regulatory bodies of the country had joined hands against problems like tax evasion and money laundering that are fueled by cryptocurrencies.

  • Turkey’s new policy on crypto monitoring

    Turkey’s new policy on crypto monitoring

    The Turkish government has not been a fan of cryptocurrencies – to say the least. The government likes to maintain a strict control over its digital payment ecosystem and any disruptions are not tolerable. The Turkish government had also banned PayPal in the country for the same purpose. Now, the rise of cryptocurrencies has posed a challenge for the government and the regulators in the country.

    The Turkish Minister of Treasury and Finance Lutfi Elvan announced a new policy that forced cryptocurrency exchanges in the country to inform the Financial Crimes Investigation Board (MASAK) about crypto transactions that are valued above $1,200. The country has banned the use of cryptocurrencies as a mode of payment and now the regulatory body, MASAK, is given the power to oversee and audit cryptocurrency exchanges. MASAK has also prepared a detailed guide for crypto exchanges in the country to be followed without exception.

    Regulation of the cryptocurrency sphere has been regarded as a complex task throughout the world but now as the industry is set to become larger than life itself, governments. Have proactively started taking measures to control and regulate the market as much as possible. The South Korean government has been one of the most active in terms of cryptocurrency regulation. A law has been imposed which requires accounts on crypto exchanges to be based only on real names while another law imposes a 20% capital gains tax on cryptocurrency profits.

    The IRS, too, has finally put its approved “John Doe” summons to use. A Federal court in California granted a motion for Kraken to provide client information to the tax regulatory authority. The wave of regulation in the cryptocurrency sphere may only be the beginning of what is to come.

  • Turkey’s Ban on Cryptocurrency Payments

    Turkey’s Ban on Cryptocurrency Payments

    Turkey has announced a new ban which will restrict cryptocurrency holders to make payments in cryptos. Payment providers are also prohibited from adding funds to digital wallets at cryptocurrency exchanges. The Central Bank of the Republic of Turkey has announced the ban to come in effect on April 30th.

    The ban has excluded banks which means wire transfers from bank accounts can be used to deposit Turkish Lira on cryptocurrency exchanges but that process would entail additional fees and hassle. Payment providers can no longer provide deposit or withdrawal services to cryptocurrency exchanges, per the ban. Payment providers were widely used in the country especially with the rise in cryptocurrency adoption; however, with just a two-weeks deadline, users only have until April 30th to clear out their wallets.

    The Turkish government has had been strict when it concerns the digital payment ecosystem in the country and the entrance – and increased acceptance – of cryptocurrencies has disrupted the payment ecosystem in a lot of country with regulators being clueless as to how to navigate through the crypto sphere. The harsh ban on cryptocurrencies is the government’s way of taking back control as regulations in the crypto market are cloudy.