Turkey is set to introduce new anti-money laundering regulations for cryptocurrency transactions, with implementation scheduled for February 25, 2025. The measures aim to curb illicit activities such as money laundering and terrorism financing.
According to a recent document, users engaging in transactions exceeding $425 will be required to provide identifying information to crypto service providers. For transactions below this threshold, no disclosures are necessary.
Crypto service providers will also need to gather user information for wallet addresses not previously registered. If they cannot obtain the necessary data, they may classify transactions as “risky” and halt them.
These regulations follow a surge in applications from crypto firms seeking licenses, with 47 new requests since July 2024. Turkey’s crypto market ranks fourth globally, with a trading volume of $170 billion.
The government is also considering a minimal transaction tax on crypto profits to support the national budget. However, no such tax is currently in place. The regulations align with broader global trends, including Europe’s Markets in Crypto-Assets bill, set to take effect December 30, 2024.
Source: https://finance.yahoo.com/news/stricter-crypto-regulations-announced-turkey-152040176.html