Turkey makes crypto platforms responsible for money-laundering and terrorism finance

Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation in a presidential decree published early on Saturday.

The regulation published in the Official Gazette said that “crypto asset service providers” would now be responsible for seeing their assets are not used for money laundering or financing terrorism. The decree immediately went into force on its publication.

Two Turkey-based cryptocurrency trading platforms, Thodex and Vebitcoin, were halted under separate investigations for fraud in recent weeks.

The probe into Thodex led to the arrest on Thursday of six suspects including the siblings of its chief executive, Faruk Fatih Özer, who Turkish police are seeking after he fled to Albania.

On Friday, Turkish authorities banned using cryptocurrencies to make payments saying the transactions were too risky for consumers.

Cryptocurrencies have become increasingly popular in the country as people seek protection against the decline of the lira and double-digit inflation.

Turkey has no specific legislation regulating transactions in cryptocurrencies, however. 

 

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