Turkey Enacts Stricter Cryptocurrency Regulations

A significant regulation is set to impact cryptocurrency users in Turkey, with the Financial Crimes Investigation Board (MASAK) mandating identity verification for exchanges by April 25th. This move aims to curb money laundering and terrorism financing while increasing scrutiny of the country’s crypto sector. The new rule requires users to verify their identities through submission of personal information and a selfie. Non-compliance will result in temporary account restrictions, including limitations on deposits and withdrawals.