Turkey Expands Regulations to Govern Crypto Activities Amid Crash Of Major Exchanges

Turkey Expands Regulations to Govern Crypto Activities Amid Crash Of Major Exchanges

The crypto space has recently been struggling with certain irregularities in the Turkish region following a crypto-payments ban enforced on all crypto users in Turkey, a few weeks ago.

Meanwhile, it became more unfortunate when two leading crypto exchanges in the country, Thodex, and Vebitcoin, dashed the hopes of the Turkish investors.

The mentioned exchanges had reportedly vanished into thin air after they suddenly halted their trades without the notice of the users. Thus, putting the funds of investors worth billions of dollars at stake.

The country’s investigations team had taken it upon themselves to fish out every suspected person involved in both cases. 

Last Thursday’s reports revealed that six suspects of Thodex’s fraudulent case had been arrested. This includes the siblings of its chief executive, Faruk Fatih Ozer, who was allegedly on the run.

According to reports, the latter incident had geared the government to consider making hard stances on crypto-related events within the country.

A few days ago, the government unveiled plans to adjust the cryptocurrency regulatory framework in the country. It said it would establish a Central Bitcoin Custodian Bank in order to curtail crypto frauds.

According to a Reuters report, the government had enforced its crypto regulatory considerations by expanding the cryptocurrency regulations in the country.

The newly implemented regulations will see cryptocurrency trading platforms operate under the list of firms covered by anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) regulations in the country.

It appears that the government does not want to give any room for further negligence. It has updated the cryptocurrency regulations with strict provisions. Thus, ordering that the regulations should be implemented with immediate effect.

Hence, crypto-related platforms are left with no choice but to take yield to the current regulations immediately.

Michael
Michael Is A Blockchain Expert And Proficient Crypto Reporter At CoinJot Media With An Academic Degree In Journalism. Contact: [email protected]