Turkey Updates Cryptocurrency Regulations Amid Payment Ban and Trade Collapse

The Turkish government updated the country's cryptocurrency regulations following the ban of cryptocurrencies for payments and the failure of cryptocurrency exchanges. The new rule, published in the Government Gazette on Saturday, adds crypto trading platforms to the list of organizations subject to anti-money laundering (AML) and counter-terrorism finance (CFT) rules. . The newspaper says that the latest extension to the rules regarding cryptocurrency transactions in the country will take effect immediately. Crypto service providers must now comply with current regulations. The government said earlier that it plans to set up a central custody bank to eliminate counterparty risk, among other things. Turkey's central bank recently banned the use of cryptocurrencies for payments. Following the ban, two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, abruptly stopped trading and are currently under investigation for fraud. Six people were imprisoned as part of the investigation into the fraud in the Thodex crypto exchange, where its CEO Faruk Fatih Özer fled the country. Turkish officials and Interpol are looking for him in four countries. What do you think about Turkey's expansion of AML and CFT regulations to cryptocurrency exchanges? Let us know in the comments below.

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