Turkey listed cryptocurrency trading platforms to the list of firms covered by AML [Anti-Money Laundering] and terrorism financing regulations, each day after the country’s ban on the utilization of digital assets for payments went into effect.
In line with an official presidential decree published within the Official Gazette earlier on Saturday, the country’s latest move to rein in crypto assets went into effect immediately.
Turkey began tightening restrictions on the cryptocurrency industry in mid-April with the aforementioned ban on cryptocurrencies as a means of payment.
Prior to the ban, cryptocurrency use was soaring thanks partially to the lira facing significant outside selling pressure.
Since the ban was announced, two cryptocurrency exchanges have shut down their operations, and employees from each were detained alongside allegations of missing funds. Most, six people were jailed pending trial in reference to the probe into one among those cryptocurrency exchanges, Thodex, which recently went offline with its CEO going missing.