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- Crypto-related firms have been listed under the AML and terrorism financing regulations
- The latest step of Turkey plan took immediate effect after a presidential decree was published on Saturday
- Although the country was adopting the assets at a significant pace, the government seems to have now tightened the regulations
Crypto trading platforms based in Turkey have been added to the list of firms under the AML regulations. The country took such a step after a presidential decree was published on Saturday. According to local news outlets, the presidential decree immediately took effect with its publication in the nation’s Official Gazette. The latest step followed the ban on using crypto assets as a payment method. According to the Turkish government, such digital currencies are too risky to transact with.
Turkey’s rein in virtual assets took effect
On Saturday, a presidential decree was introduced in the Official Gazette. According to the release, the country added digital assets trading platforms to the lists of firms covered by anti-money laundering (AML) and terrorism financing regulations.
Turkey is tightening crypto regulations
Turkey, the country located at the intersection of Europe and Asia, is taking a harsh stance on cryptocurrencies. The country began to tighten regulations and restrictions on the digital assets industry in mid-April 2021.
Last month the nation imposed a ban on crypto payments, considering such transactions as highly risky. Before the ban was announced, the use of crypto assets in the country was observed soaring.
Two Turkish cryptocurrency exchanges being investigated
Since the ban was imposed, it is known that two crypto assets exchanges, Thodex and Vebitcoin, have been shut down. Notably, both the exchange’s employees were detained together with allegations of missing funds. Following the scenario, the authorities in the nation launched investigations in both the digital assets exchanges.
After the investigation, the authorities imprisoned six suspects. However, the suspect’s trial is pending on Friday with allegations to have a connection with the probe into Thodex. Furthermore, Interpol issued a detention warrant for the exchange’s chief executive officer. Since then, the CEO is offline and is still missing.
However, before the government’s steps in Turkey, it is observed that the Turks were increasingly adopting crypto assets. The reason behind the adoption was observed is the declination of Lira and double-digit inflation.
