16.04.2025 15:21
Turkey aims to protect its financial system by subjecting cryptocurrency service providers to strict regulations. The new obligations are intended to combat money laundering and prevent illegal activities based on the principles of transparency and reliability.
The Ministry of Treasury and Finance has implemented comprehensive measures for cryptocurrency service providers. This step is seen as significant in terms of both financial transparency and compliance with international standards. The Ministry's new regulations aim to create a safer environment in the cryptocurrency market.
Cryptocurrency Audits are Increasing in Turkey
The latest regulations published in the Official Gazette on December 25, 2024, by the Financial Crimes Investigation Board (MASAK) cover a wide range from cryptocurrency platforms to payment institutions. Minister of Treasury and Finance Mehmet Şimşek emphasized the determination to protect the financial system and prevent illegal transactions.
According to the new rules, cryptocurrency service providers will assume similar responsibilities as banks and other financial institutions. Obligations such as risk management, monitoring customer transactions, participation in the electronic notification system, and conducting initial financial transactions through banks have become mandatory. Additionally, the international regulation known as the "travel rule" has been adopted, requiring detailed information sharing in cryptocurrency transfers.
Significant measures have also been taken regarding privacy-based cryptocurrencies, and platforms facilitating the trading of such assets will be subject to stricter customer acceptance processes. Stable cryptocurrencies (digital assets used for stable pricing in markets) will be closely monitored by MASAK due to the risk of money laundering and terrorism financing.
Payment institutions are also facing similar regulations. Under the new rules, simplified customer acceptance will not be possible, and transactions made through POS terminals will be closely monitored. Minister Şimşek stated that they are closely monitoring payment institutions, especially to prevent illegal betting and fraud activities.