Last minute! Crypto asset service providers included in the Regulation on money laundering and financing of terrorism! - Fincance News

Last minute! Crypto asset service providers included in the Regulation on money laundering and financing of terrorism!

A regulation on “crypto asset service providers” was made in the regulation published in the Official Gazette with the signature of President Recep Tayyip Erdogan.

Crypto asset service providers were added to Article 4 of the Regulation on measures to prevent money laundering and terrorist financing. The article in question explains the institutions and companies that are responsible for the articles of this regulation.

Concerns were expressed

After the regulation issued by the Central Bank, each institution was expected to make regulations regarding crypto assets. The second step in this matter came from the Presidency. In their statements on cryptocurrencies, government officials expressed concern about the use of crypto assets in money laundering and terrorist financing.

Senior US executives offered similar approaches and Janet Yellen voiced her concerns.

What does this change in regulation bring?

After the definition of crypto assets in Turkey, legal regulations regarding this sector were initiated, making its presence felt in all walks of life.

The purpose of the regulation in question; “Regulate the procedures and principles in matters of obligors, obligations, monitoring of compliance with obligations, declaration to the customs administration and other measures to prevent the laundering of the proceeds of crime and the financing of terrorism. “

Article 4 of the regulation explains the institutions that are obliged to comply with the measures introduced in the scope of this law and regulation. With the change made, crypto asset service providers will also have some obligations under this regulation.

This regulation imposes on the obligors a series of obligations regarding identification, suspicious transaction reports, taking measures against risks in electronic transactions and transfers to risk countries.

You can listen to the audio recording on the subject below:

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