Turkey Updates Cryptocurrency Regulation Amid Payment Ban And Collapsing Exchanges – Bitcoin Regulation Information

The Turkish federal government has up-to-date the country’s cryptocurrency laws following the ban on cryptocurrencies for payments and failing crypto exchanges.

  • The new rule, posted in the Govt Gazette on Saturday, adds crypto buying and selling platforms to the list of entities included by anti-money laundering (AML) and counterterrorism financing (CFT) guidelines.
  • The gazette states that the hottest extension of the guidelines for cryptocurrency transactions in the country would appear into influence instantly. Crypto provider suppliers should now comply with present regulations.
  • The governing administration stated previously that it strategies to set up a central custodian lender to get rid of counterparty danger, among the other matters.
  • Turkey’s central lender has a short while ago banned the use of cryptocurrencies for payments. Next the ban, two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, have abruptly halted buying and selling and are now less than investigation for fraud.
  • 6 people have been jailed in link with the fraud investigation of crypto exchange Thodex, whose CEO Faruk Fatih Ozer has fled the place. Turkish authorities and Interpol are wanting for him in 4 countries.

What do you think about Turkey extending AML and CFT polices to cryptocurrency exchanges? Let us know in the feedback down below.

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