Definition ∞ A fiat currency exchange is a platform or service that facilitates the conversion of traditional government-issued money, such as USD or EUR, into cryptocurrencies or other digital assets, and vice versa. These exchanges serve as critical gateways between the conventional financial system and the digital asset market. They are typically regulated entities requiring Know Your Customer procedures.
Context ∞ Fiat currency exchanges operate under stringent regulatory requirements concerning anti-money laundering and counter-terrorist financing protocols. The accessibility and availability of these exchange services are vital factors influencing the broader adoption and liquidity of digital assets globally. Maintaining regulatory compliance is a constant operational challenge for these platforms.
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