TURKEY REQUIRES IDENTITY VERIFICATION IN CRYPTOCURRENCIES
Turkey has introduced new cryptocurrency regulations to combat money laundering and the financing of terrorism. According to the regulations published in the Official Gazette, users will be required to provide their identity information to crypto service providers for transactions exceeding 15,000 Turkish Lira (approximately 425 US Dollars).
These regulations are inspired by international practices such as Europe's Markets and Crypto Assets (MiCA) framework. Turkey's crypto market ranks fourth in the world with a transaction volume of $170 billion as of September 2023.
The new regulations will enter into force on February 25, 2025. From this date on, crypto service providers will also perform identity verification for transactions from wallet addresses that have not been previously registered. If the required information is not provided, such transactions may be classified as “risky” and may be stopped.
In 2024, increased activity was observed among crypto firms in Turkey. The Capital Markets Board (SPK) received 47 license applications until August. These applications increased after the “Law on Amendments to the Capital Markets Law” came into force in July and provides a regulatory framework for crypto asset service providers.
In conclusion, Turkey’s new crypto regulations are an important step in the fight against financial crimes and aim to create a safer and more transparent environment for the sector.
References:
• Cointelegraph. “Turkey introduces stricter crypto AML regulations.” December 25, 2024. 
• CoinEdition. “Turkey Rolls Out Tougher Crypto Rules to Prevent Money Laundering and Terrorism Financing.” December 25, 2024. 
• CoinJournal. “Turkey rolls out new crypto AML regulations.” December 25, 2024. 
