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According to reports, Turkish President Recep Tayyip Erdoğan announced that the country’s cryptocurrency law is “ready” and can be submitted to parliament “without delay”. At the same time, it is reported that the Turkish Currency Crime Investigation Commission (MASAK), which is responsible for overseeing cryptocurrency transactions, has imposed penalties on Binance Turkey for violations found during liability inspections.

Turkish cryptocurrency law “ready”

According to the “Fundamental Bulletin”, Turkish President Recep Tayyip Erdogan confirmed at a gathering with reporters on Friday that the country’s cryptocurrency laws are in place. In providing information on encryption legislation, Erdogan said:

“The law has been enacted, and we will send it to Parliament immediately.”

After Erdogan announced the news, the state-owned Anadolu News Agency reported on weekdays that the Turkish Currency Crime Investigation Commission (MASAK) had imposed 8 million lire (751,314) on Binance’s Turkish Exchange (BN Teknoloji). U.S. dollars), the reason is the violations found during the entire liability inspection process. Although Anadolu did not provide more details, it explained in detail:

“Once BN Teknoloji assumes the responsibility of managing an encrypted asset service provider in May, the fine imposed on BN Teknoloji is the first of its kind.”

Binance Turkey subsequently issued an announcement, emphasizing its “open” communication and cooperation with regulators and superior institutions. The exchange is more “actively following the dynamic policies, rules and laws of this new field.” More importantly, Binance Turkey stated that it is committed to “creating a system of property, health and safety.”

In September, President Erdogan confirmed that Turkey is “at war” with cryptocurrencies. In addition, Binali Yıldırım, vice chairman of the Justice and Development Party (AK Party), said: “Unfortunately, cryptocurrency also opens the door to dissatisfaction. Therefore, this is something that deserves serious management.”

In May of this year, once a small number of cryptocurrency exchanges-Thodex and Vebitcoin-were investigated for fraud, Turkey announced some rules for crypto mercantilist platforms in the official gazette. It is also illegal for the Central Bank of Turkey to jointly use cryptocurrency for payment.