Turkey has introduced new cryptocurrency regulations, inspired by positive developments in major jurisdictions like Europe. The new Anti-Money Laundering (AML) regulation aims to prevent the laundering of illicit funds and terrorism financing through cryptocurrency transactions.
Users executing transactions over 15,000 Turkish lira ($425) will be required to share their identifying information with crypto service providers starting February 25, 2025. However, for digital asset transfers below this threshold, service providers are exempt from collecting such information.
The regulations also require service providers to collect customer data if a sender’s wallet address wasn’t previously registered with them. If this information can’t be obtained, the transaction may be considered “risky” and halted by the provider.
Turkey was once the world’s fourth-largest crypto market in 2023, but its trading volume has increased after renewed activity among local firms. The Turkish Capital Markets Board received 47 license applications from crypto companies as of August, following a regulatory framework implemented earlier this year.
While cryptocurrency trading is allowed for individuals in Turkey, using it for payments is prohibited since 2021. The country is also considering a minor transaction tax to bolster its national budget, but no official announcement has been made yet.
The new regulations come ahead of Europe’s Markets in Crypto-Assets (MiCA) bill, set to take effect on December 30, and may influence how Turkish crypto service providers handle “risky” transactions.
Source: https://cointelegraph.com/news/turkey-new-crypto-regulation-aml-2024