IDENTITY VERIFICATION IN CRYPTOCURRENCIES - TURKEY

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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).

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 trading volume of $170 billion as of September 2023.

The new regulations will come into force on February 25, 2025. From this date onwards, crypto service providers will also verify the identity of transactions coming from previously unregistered wallet addresses. 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”, which entered into force in July and provides a regulatory framework for crypto asset service providers.

As a result, 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 in the sector.

Sources:

• 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.