Turkey's Minister of Treasury and Finance, Mehmet Şimşek, has made key statements regarding new regulations introduced by MASAK targeting crypto asset service providers and payment institutions.
Speaking to Anadolu Agency, Şimşek emphasized that Turkey is taking firm steps to align its financial system with international standards, warning that companies failing to comply will face severe penalties.
Under the new regulations, crypto service providers will now be treated as financial institutions subject to the same obligations as banks and insurance companies. This includes mandatory compliance programs, risk management systems, transaction monitoring, and the enforcement of the "travel rule," which requires detailed sender and receiver information for crypto transfers—without which transactions will be blocked.
Şimşek also stated that privacy-focused and stable cryptocurrencies used in illicit finance will be closely monitored. He added that payment institutions will no longer be allowed to onboard customers through simplified procedures, and all virtual and physical POS transactions will be strictly audited to ensure they align with legitimate business relationships.
