Turkey Introduces Stricter Crypto Regulations to Combat Money Laundering

The purpose of the new AML rule is to stop criminals and terrorists from using crypto to launder money.

Customers who conduct transactions over $425 would be compelled to provide their personal information.

In response to encouraging legislative developments in other world-class jurisdictions, including Europe, Turkey passed new cryptocurrency regulations in the last week of 2024.

According to a document published in the Official Gazette of the Republic of Turkey on December 25.

Customers who conduct transactions over 15,000 Turkish liras ($425) would be compelled to provide their personal information.

To the country’s crypto service providers as per the new rule.

Crack Down on Illicit Crypto Use

The purpose of the new anti-money laundering (AML) rule is to stop criminals and terrorists from using crypto to launder money or support their operations.

On the other hand, digital asset transactions under $425 do not need information collection from crypto service providers.

A week before Europe’s Markets in Crypto Assets (MiCA) law, the first global crypto regulatory framework, is scheduled to take effect on December 30, the new regulatory measure from Turkey arrives at a time when there is heightened interest in cryptocurrency regulation.

On February 25, 2025, the new legislation in Turkey will be put into force. Once the change takes effect, crypto service providers will also be required to verify clients’ identities.

By requesting addresses associated with wallets that were not previously on file.

The new law states that if the provider cannot get the required information from the sender. The crypto transfer may be considered “risky,” and the service provider may consider blocking the transaction.

Chainalysis reports that as of September 2023, with an anticipated trade volume of $170 billion.

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