Regulation

Türkiye will close crypto ATMs for security reasons

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In a significant move, the Turkish Parliament’s Planning and Budget Committee has approved a proposed cryptocurrency regulation that requires the closure of all local cryptocurrency ATMs and similar devices for electronic transactions within three months.

If any ATMs continue to operate beyond this deadline, their licenses will be revoked.

Despite objections raised during the commission meeting on the need to maintain facilities that allow tourists to convert their crypto assets, AK Party vice-president Omer Ileri assured that the secondary regulations will address the needs of tourists and other international visitors.

Chairman of the Financial Crimes Investigative Committee Hasan Kaymak smiles for a photograph at the office of the Ministry of Finance and Treasury.

The chairman of the Financial Crimes Investigation Board (MASAK), Hasan Kaymak, highlighted that ATMs that facilitate conversions between cash and cryptocurrencies pose a high risk in terms of terrorist financing.

According to Coin ATM Radar, Türkiye currently has 15 crypto ATMs, of which nine are located in Istanbul. Globally, there are 37,973 crypto ATMs in 70 countries.

Source: Pressroom

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