Turkey Tightens Crypto Rules to Fight Money Laundering

In Turkey, a new anti-money laundering law requires identification verification for crypto transactions over $425.
Rules, which take effect on February 25, 2025, aim to reduce illicit crypto use.

Turkey has implemented new regulations and rules that target money laundering by emphasizing the use of cryptocurrencies in transactions. The regulation requires individuals to provide their personal information to the cryptocurrency service provider if they conduct a transaction exceeding 15,000 Turkish lira (approximately $425). Published in the Official Gazette on December 25, the rule aims to prevent the use of digital assets for unlawful and terrorist activities.

Not counting transactions that are less than value worth $425 balances user concerns about oversight and privacy. These rules are compatible with general policies accepted in Turkey for this fast-growing field of cryptocurrency, which has about $170 billion in trading volume as of September 2023. This market is growing faster than Russia and Canada.

Increasing Interest in Turkish Crypto Licenses

As of February 25, 2025, the law mandates that cryptocurrency companies verify users’ identities and log unregistered wallet addresses. Service providers may neglect to acquire the required information from senders. As a result, they may categorize transactions as risky and potentially block them.

It mirrors the most recent legislative breakthroughs in other countries of the world. This begins with the new markets in crypto assets law of Europe. It purportedly describes the very first integrated crypto regulatory framework up to December 30.

The country has received 47 applications for an operating license by the end of August 2024, highlighting the tremendous growth of its cryptocurrency market. Notable players like Binance TR, OKX TR, and Gate TR reflect the immense attraction of the market in Turkey, moreover, the crypto-friendly regulatory climate in this emerging market is expected to attract further interest.

Such applications have emerged from the Law on Amendments to the Capital Markets Law, introduced in July 2024. This law created a regulatory framework for cryptocurrency service providers. Using cryptocurrencies has been illegal since 2021. However, the citizens of Turkey have still actively made purchases, held, and traded digital assets.

This step shows that Turkey is committed to fighting financial crimes while, at the same time, positioning its cryptocurrency sector in a more defined regulatory framework. New regulations boost accountability in the service providers of cryptocurrencies and promote market stability.

Source: https://www.livebitcoinnews.com/turkey-tightens-crypto-rules-to-fight-money-laundering/