New Regulation for Cryptocurrency Exchanges in Turkey!

📰With the new regulations published in the Official Gazette, important obligations have been brought to cryptocurrency exchanges. Here are the prominent details of the regulation:

♦️Fight Against Money Laundering and Financing of Terrorism

Cryptocurrency exchanges will be obliged to prevent money laundering and financing of terrorism.

♦️Obligation to Appoint a Compliance Officer

Exchanges will develop programs in accordance with the law by appointing a compliance officer within one month.

♦️Establishing a Business Relationship with Banks

Banks and financial institutions will be required to obtain approval from senior management before starting a business relationship with cryptocurrency exchanges.

♦️Identity Verification Obligation

The identity of the sender will be verified for crypto asset transfers of 15,000 TL and above.

The recipient's information will be recorded, but verification will not be mandatory.

♦️Current Customer Identity Verification

Exchanges are required to complete the identity verification of their current customers within four months.

♦️Following Up Asset Freezing Decisions

Exchanges will be required to follow up and implement asset freeze decisions related to money laundering or terrorist financing.

These regulations aim to ensure that cryptocurrency exchanges operate in a more transparent and reliable environment.#crypto#EXCHANGE #Bitcoin