Turkey "adds crypto firms to money laundering and terror financing rules". But what does this really mean?


Today, Ankara implemented a new law which is set to take effect immediately regarding Crypto firms. Further more, a Turkish state newspaper reported that cryptocurrencies would be deemed as assets or goods under Turkish law in the next few weeks and that they will be taxed.

But what this means in actuality, is that Turkish Crypto exchanges and providers, have to implement a KYC with all their users much like Turkish banks and other financial institutions must do as the law requires:

  • Customer identification
  • Suspicious transaction reporting
  • Training, internal control, control and risk management systems and other measures
  • Periodically reporting
  • Providing information and documents
  • Retaining and submitting
  • Electronic notification

https://sanctionscanner.com/Aml-Guide/anti-money-laundering-aml-in-turkey-91

This is something most countries in Europe already do, not really a big issue, especially considering how Turkey has been fighting this for years and implemented strict control over their banks and other investment/financial institutions.

https://www.fatf-gafi.org/publications/mutualevaluations/documents/mer-turkey-2019.html

 

Turkey banning Cryptos for payments last week was much bigger news actually, citing the vague reason of "digital wallets can be stolen or used unlawfully and that transactions were irrevocable".

https://www.marketwatch.com/story/bitcoin-falls-as-turkey-bans-cryptocurrency-payments-11618565622

"Irrevocable" they said. Did you ever try to get your money back after you made an (international) bank payment to anyone using SWIFT ? There are numerous examples how people and companies sent funds to the wrong recipient, or even got scammed and never received the goods or services they paid for, and the banks were unwilling and even unable to do anything about it unless the recipient was convicted by law or under some sort of international sanction.

https://www.theguardian.com/money/2019/dec/07/i-lost-my-193000-inheritance-with-one-wrong-digit-on-my-sort-code

 

 

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Geo-Political & Economical developments
Geo-Political & Economical developments

Things are almost never as they seem. If you sincerely think that world powers would spend their money and resources in order to just "help" citizens from foreign nations, you might want to ask yourself why they've been neglecting and out right murdering their own citizens for decades. What are their true motives for wanting to fund foreign (terror) groups, start global confrontations and wars? I'll let you in on a little secret; It has NOTHING to do with "human rights" nor "democracy".

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