Turkey forces crypto exchanges to report more customer information

The Turkish government added cryptocurrency exchanges to the list of companies subject to the country's money laundering and terrorist financing (AML-TF) rules. The rule change took effect immediately after the Presidential Enforcement Order – similar to an Enforcement Order in the United States – was published today in the Official Gazette. By applying these rules to cryptocurrency, the government is subjecting 31 crypto exchanges currently operating in the country to the strict regulations of financial watchdog MASAK. Surveying "Like Banks" Customers MASAK sometimes requested a list of customers from the country's cryptocurrency exchanges, but otherwise left the crypto exchanges alone. Mehmet Turkarslan, the legal advisor of a major Turkish crypto exchange, will now treat MASAK crypto exchanges "like banks". From now on, exchanges must request proof of residence and identity documents (far from the norms in Turkey) and periodically check the validity of these documents. Exchanges should also block all government-sanctioned clients, report any suspicious business activity, and report all services provided to corporate clients to the government. Agah Selim Sesli, a senior researcher at Bitexten crypto exchange, told Decrypt, "The list goes on and we're trying to figure everything out for now." A number of regulations are current regulations, the first of a series of anticipated crypto regulations that the government says will arrive by the end of next week. Sesli expects these regulations to include tax rules and reporting of private portfolios as in the United States. This regulatory attack is based on previous regulations. Three weeks ago, the central bank banned the use of crypto for daily payments and restricted PayPal-like payment processors to crypto transactions. Central Bank of Turkey Governor: Crypto regulation is coming in two weeks The wave of regulation has caused confusion. "The government did not"

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