tl;dr
Turkey has announced new anti-money laundering (AML) regulations for cryptocurrency transactions, requiring user identification for transactions over 15,000 lira ($425). Crypto service providers must collect information for transactions with unregistered wallet addresses starting February 2025. As o...
Turkey has introduced new anti-money laundering (AML) regulations for cryptocurrency transactions. These regulations require user identification for transactions over 15,000 lira ($425) and mandate that crypto service providers collect information for transactions involving unregistered wallet addresses, starting February 2025. As of September 2023, Turkey ranked fourth globally in the crypto market, with a trading volume of $170 billion.
The new AML regulations will take effect on February 25, 2025. Crypto service providers must collect identifying information from users for transactions exceeding the $425 threshold and verify transfers originating from unregistered wallet addresses. If a provider cannot obtain the necessary details from a sender, the transaction could be considered "risky," allowing the service provider to halt or limit the transaction. Insufficient information may result in the termination of the business relationship with the sender.
In September 2023, Turkey held the fourth-largest crypto market globally, with a trading volume estimated at $170 billion, surpassing countries like Russia and Canada. In 2024, Turkish crypto firms saw increased activity, with the Turkish Capital Markets Board (CMB) receiving 47 license applications from crypto companies by August. The enactment of the "Law on Amendments to the Capital Markets Law" in July provided a more structured framework for crypto asset service providers operating in the country.
Turkey's new regulations align with global developments in cryptocurrency regulation, such as Europe's Markets in Crypto-Assets (MiCA) framework, which took effect on December 30, 2024. These international influences showcase Turkey's growing role in the global crypto economy.