Turkey has announced new regulations on cryptocurrencies, bolstering its anti-money laundering (AML) system to combat terrorism financing and illicit financial activities. Approved to go into effect on February 25, 2025, the policies follow international patterns of more stringent crypto sector control. Under the new regulations, those making transactions of more than 15,000 Turkish liras (about $425) have to give crypto service providers identifying details.
These companies will also check wallet addresses not previously registered with them. Companies may label transactions lacking sufficient data as “risky” and either stop or limit them. The rules seek to guarantee adherence to international standards and enhance the security of cryptocurrency transactions.
Verifying user identities and protecting transaction data falls mostly on service providers nowadays. This action corresponds with increasing activity among Turkish crypto companies. Reflecting the growing curiosity in controlled operations, the Turkish Capital Markets Board received 47 license applications from crypto firms as of August 2024. Among the candidates are big companies like Binance TR and OKX TR.
With a trading volume of $170 billion in 2023, Turkey is now the fourth-largest cryptocurrency market worldwide, surpassing Russia and Canada. While it is still legal to trade cryptocurrencies, the use of digital assets for payment has been illegal since 2021. The new regulations, which will go into effect in December 2024, align with Europe’s Markets in Crypto-Assets (MiCA) framework, demonstrating a concerted global need for comprehensive crypto governance.
