Turkey Updates Cryptocurrency Regulation Amid Payments Ban and Collapsing Exchanges – Regulation Bitcoin News


The Turkish government updated the country’s cryptocurrency regulation after banning cryptocurrencies for payments and failing to crypto exchanges.

  • The new rule, published in the Official Gazette on Saturday, adds crypto trading platforms to the list of companies covered by the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations.
  • The Official Gazette states that the country’s recent expansion of regulations on cryptocurrency transactions would take effect immediately. Crypto service providers must now comply with the existing regulations.
  • The government had previously announced that it would set up a central bank to eliminate counterparty risk, among other things.
  • The Turkish central bank recently banned the use of cryptocurrencies for payments. After the ban, two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, stopped trading abruptly and are now being investigated for fraud.
  • Six people have been arrested in connection with the Thodex fraud investigation, whose CEO Faruk Fatih Ozer has fled the country. The Turkish authorities and Interpol are looking for him in four countries.

What do you think of Turkey’s expansion of AML and CFT regulations to include cryptocurrency exchanges? Let us know in the comments below.

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