Turkey tightens control on crypto firms

Turkey strengthens control over cryptocurrency exchanges, enforcing money laundering and terrorist financing legislation.


The decision will take effect immediately and will facilitate searches for digital currency available, according to a presidential decree published in the government newspaper.


The Turkish central bank has banned the use of crypto assets for payments since April 30th, saying the anonymity behind digital currencies carries the risk of losses that cannot be covered.


The Turkish government plans to set up a central custodian bank to eliminate the risk of counterparties following the recent collapse of two cryptocurrency exchangesThodex and Vebitcoin.