Turkey unveiled new cryptocurrency regulations in late December 2024, drawing inspiration from global advancements, including Europe’s MiCA framework.
According to a Dec. 25 document published in the Official Gazette of the Republic of Turkey, users conducting transactions exceeding 15,000 Turkish lira ($425) will be required to share identifying information with crypto service providers.
The Anti-Money Laundering (AML) regulations aim to prevent illicit fund laundering and terrorism financing through cryptocurrency transactions.
However, crypto providers are not mandated to collect information for transactions below the $425 threshold.
These regulations align with a global push for stricter crypto oversight and precede Europe’s comprehensive Markets in Crypto-Assets (MiCA) framework, which takes effect on Dec. 30.
New Rules Target “Risky” Crypto Transactions
Turkey’s regulations, effective Feb. 25, 2025, also require service providers to verify information from customers using unregistered wallet addresses.
Transfers without sufficient sender information may be flagged as “risky.”
The new law states:
“In case sufficient information cannot be obtained, the issues of not performing the transfer or limiting the transactions made with the financial institution in question or terminating the business relationship will be considered.”
As of September 2023, Turkey ranked as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion, surpassing markets like Russia and Canada, according to Chainalysis.
Crypto Regulations Drive Activity in Turkey
In 2024, Turkish crypto firms ramped up activity, with 47 license applications submitted to the Turkish Capital Markets Board (CMB) by August.
This followed the July implementation of the “Law on Amendments to the Capital Markets Law,” which established a regulatory framework for crypto service providers.
While individuals can buy, hold, and trade crypto in Turkey, using it for payments has been banned since 2021.
Turkey is also considering a 0.03% transaction tax to support its national budget.