Turkey to enforce strict crypto rules by 2025
#TürkiyeBinancesquare Turkey is set to implement stringent cryptocurrency regulations by February 2025, aiming to align with global anti-money laundering standards. Key measures include mandatory identity verification for transactions exceeding 15,000 Turkish lira (approximately £425) and rigorous checks on unregistered wallets. Crypto service providers will be required to obtain licenses from the Capital Markets Board and will be subject to oversight by the Financial Crimes Investigation Board. Additionally, Turkey’s Scientific and Technological Research Council (TÜBİTAK) will audit the technological systems of these firms. While these regulations aim to enhance consumer protection and combat financial crimes, critics warn they could discourage smaller startups and limit innovation. Despite limitations on crypto payments, the proposed rules may open doors for larger, established firms to expand in the Turkish market.