Turkish Crypto Firms Are Now Subject to Money Laundering and Terrorist Financing Rules

A lot is happening in Turkey's crypto environment right now. A day after the arrest of 6 people involved in Thodex exchange crypto fraud, Turkish regulators added crypto exchanges to the list of crypto companies that are currently subject to the country's money laundering and trading laws. Financing terrorism on Saturday May 1 With exit scam that shook the country, Turkish regulators increased their control over the country's local crypto companies. In April, regulators have already imposed a ban on the use of digital currency. In today's presidential decree, the regulator pointed out that "crypto asset service providers" must ensure that their assets are not used for illegal purposes. On Friday, April 30, Turkey's central bank also banned the use of cryptocurrency assets for payments. The central bank stated that the anonymity associated with the use of cryptocurrencies carries the risk of "sunk" loss. Crypto activity in Turkey has increased significantly recently following the country's economic crisis. The national currency, the Lira, rapidly depreciated in the international market, and citizens are turning to cryptocurrency to protect their capital and savings. The pace of people's transition to cryptocurrencies has surprised regulators and Turkish officials. In addition, major cryptocurrency scams have also rocked the country with avoidance of billions of dollars in crypto funds. Creating a central repository for cryptocurrencies The Turkish government and central bank are trying to create a central repository for digital assets to eliminate counterparty risk. The move came after the sudden collapse of the country's two largest stock exchanges. Additionally, regulators are working to introduce operational thresholds for crypto while promoting crypto education in businesses. The regulatory process for this will be completed in the coming weeks. An earlier report also said that the Turkish fetus

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