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Turkey adds crypto firms to terror funding rules

Turkey has added cryptocurrency trading platforms to the list of firms covered by anti-money...

👤 H K Badal1 May 2021 3:15 PM GMT
Turkey adds crypto firms to terror funding rules
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Turkey has added cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation, according to a presidential decree.

The Official Gazette said on May 1 the country's latest expansion of rules governing cryptocurrency transactions would take immediate effect and cover "crypto asset service providers", which would be liable to the existing regulations.

The central bank of the country last month banned the use of crypto assets for payments on the grounds such transactions were risky.

In the days that followed, two Turkey-based cryptocurrency trading platforms were halted under separate investigations – Thodex and Vebitcoin.