Turkey taking crypto transaction steps to hinder laundering, Simsek says

Turkey’s Vice President, Fuat Oktay Simsek, has announced new measures to regulate cryptocurrency transactions to prevent money laundering. The new regulations will require cryptocurrency exchanges to adopt customer verification processes, including Know-Your-Customer (KYC) procedures. The move aims to increase transparency and security in the cryptocurrency market, which has been growing rapidly in Turkey. The regulations will also enable the Turkish government to monitor cryptocurrency transactions and prevent illegal activities, such as money laundering and terrorism financing. The measures are part of Turkey’s efforts to align its cryptocurrency regulations with international standards and strengthen its financial system. The new regulations are expected to come into force soon, following approval from the Turkish government.