Financial Crimes Investigation Board (MASAK) has taken an important step to more effectively detect and prevent suspicious transactions in the cryptocurrency sector. The institution introduced a new regulation to the industry by updating the suspicious transaction reporting guide for crypto service providers.
Prepared with suggestions from industry representatives
In the statement made by MASAK, it was stated that the update was prepared in line with the opinions and suggestions received from sector representatives. In this way, the guide has been made more suitable for the dynamic structure of the crypto market and current developments. Within the scope of the Law on Prevention of Laundering Proceeds of Crime, cryptocurrency service providers are obliged to report suspicious transactions to MASAK. With the new regulation, the suspicious transaction reporting form has been simplified and made more understandable and compatible with existing financial technologies. In addition, new suspicious transaction types and suspicion categories were determined, taking into account the evolving crime methods.
Simultaneously with the update in the suspicious transaction reporting guide, the MASAK Online system was also renewed. In this way, cryptocurrency service providers will be able to report suspicious transactions electronically more easily and securely. This new regulation by MASAK will play an important role in the fight against crimes such as money laundering and terrorist financing by strengthening supervision in the Bitcoin and altcoin sector. It is also expected to contribute to making the sector more transparent by increasing investor confidence.
Announcement to cryptocurrency service providers
Crypto service providers operating within the scope of the Capital Markets Law No. 6362 must report in accordance with the new suspicious transaction reporting guide as of July 26, 2024. In summary, this update made by MASAK for the cryptocurrency sector is considered an important step for the sector to become more organized and transparent. With the new regulation, it is aimed to increase reliability and reduce possible risks in the cryptocurrency market.
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