26.02.2025 11:03
The new cryptocurrency regulation that came into effect in Turkey on February 25, 2025, imposes a requirement for identification on transactions exceeding 15,000 TL, while accounts that do not complete identity verification by the end of April will be restricted. The regulation, led by MASAK, aims to prevent the laundering of criminal proceeds.
The new rules regulating the cryptocurrency market in Turkey were officially implemented on February 25, 2025. The regulation prepared under the leadership of MASAK requires the identification information of both the sender and the recipient to be recorded for all cryptocurrency transfers of 15,000 TL and above. Platforms operating in Turkey announced that they would restrict the accounts of users who do not complete the identity verification process by April.
Cryptocurrency Platforms Will Now Operate as Financial Institutions
New regulations aimed at making the cryptocurrency market in Turkey more transparent and secure were officially implemented as of February 25, 2025. The new legislation prepared under the leadership of the Financial Crimes Investigation Board (MASAK) aims particularly to prevent money laundering and the financing of terrorism.
With the new implementation, it has become mandatory to record the identification information of both the sender and the recipient for all cryptocurrency transfers of 15,000 Turkish Lira and above. The information to be collected from users includes at least one identifying piece of information such as name, trade registry number, wallet address, or reference number related to transactions. Additionally, the accuracy of this information must be verified by cryptocurrency platforms.
In the information sent to customers by cryptocurrency exchanges operating in Turkey, it was announced that accounts of users who do not complete the identity verification process by April 25, 2025, will be restricted. As part of the restrictions, open positions of users who do not verify their identity will be closed, and all account functions, including deposit and withdrawal transactions, will be temporarily suspended.
While the regulation does not impose a requirement to collect identification information for transactions below 15,000 TL, it grants service providers the authority to request additional documents in cases where they deem necessary after conducting a risk assessment. In cases where sufficient information cannot be obtained or transactions are deemed suspicious, accounts may be limited or completely suspended. Stricter identity verification procedures will be applied, especially for privacy-focused cryptocurrencies.
With the new legislation, cryptocurrency service providers have been classified as "financial institutions" by MASAK. In this context, the obligations of platforms regarding customer identification (KYC) and suspicious transaction reporting have been increased. It has been announced that the Capital Markets Board (SPK) has granted licenses to 88 cryptocurrency companies so far. Additionally, a new category titled "digital assets" has been created in financial reporting to enhance the transparency of cryptocurrency transactions.
Turkey's new cryptocurrency regulations are progressing in line with the European Union's Markets in Crypto-Assets (MiCA) legislation. According to Chainalysis data, Turkey, which is the fourth largest cryptocurrency market in the world with a transaction volume of approximately 170 billion dollars, is expected to reduce the informal economy with these regulations.
Industry experts emphasize that the new regulations are significant steps towards bringing the cryptocurrency market into a regulated structure, while noting that timely completion of identity verification processes by users and strengthening the technical infrastructure of service providers will play a critical role in preventing potential disruptions.