Turkey's attitude towards cryptocurrencies has never been friendly, but after last month's events, the reputation of the crypto industry in this country is declining even more.
These events included the so-called EXIT SCAM of two cryptocurrency exchanges, namely Thodex and Vebitcoin, which recently closed down. These crypto exchanges are now facing charges of stealing hundreds of millions of dollars, with top officials on the run.
Also on the basis of these events and the growing questions regarding the regulation of the crypto industry, the Minister of Finance Lütfi Elvan was invited to a discussion for the Turkish CNN this week.
One of the most important pieces of information we learned in this interview is the fact that Turkish cryptocurrency exchanges will soon have to report all transactions in excess of 10,000 Turkish lira, which is only $ 1,200.
Although by this step the country will achieve increased interaction between the government and the operators of crypto exchanges, on the other hand, it is possible that such bureaucracy will rather discourage most of these companies from carrying out activities in this territory.
Other factors that can significantly limit the crypto industry in Turkey are, for example, the recent ban on the use of crypto for payments or the addition of crypto platforms to the list of companies covered by anti-money laundering (AML) and terrorism financing regulations.