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Strict regulations have been introduced for cryptocurrency transfers in Turkey.
Strict regulations have been introduced for cryptocurrency transfers in Turkey.

25.12.2024 15:51

Turkey aims to prevent money laundering and the financing of terrorism by requiring identity verification for cryptocurrency transfers exceeding 15,000 TL. These regulations, which will come into effect in 2025, will ensure that the sector becomes more secure.

Turkey has increased its controls over cryptocurrency transfers, introducing a requirement for identity verification for transactions of 15,000 TL and above. The new regulations aim to prevent money laundering and the financing of terrorism. These regulations will come into effect in 2025 and include significant steps to enhance security in the sector.

A NEW ERA BEGINS IN CRYPTOCURRENCY TRANSFERS IN TURKEY

Important steps have been taken towards the regulation of the cryptocurrency market in Turkey. The new regulations developed to combat money laundering and the financing of terrorism are of great interest to cryptocurrency service providers.

According to the regulation published in the Official Gazette, comprehensive identity verification has become mandatory for cryptocurrency transfers exceeding 15,000 TL. In this context, the sender will be required to present their trade registry information, wallet address, and citizenship or passport number.

Another innovation brought by the regulation is the flexible approach to transactions below 15,000 TL. For transfers below this amount, it is deemed sufficient for only the basic information of the recipient to be included in the transfer message. Additionally, service providers will have the authority to request additional documents in cases they deem necessary as a result of risk assessment and will have the power to halt suspicious transactions.

THEY WILL OPEN ACCOUNTS WITH MASAK

The Financial Crimes Investigation Board (MASAK) will also support the process. The amendment made by MASAK to the electronic notification regulation has imposed new responsibilities on cryptocurrency service providers. Cryptocurrency service providers that receive approval from the Capital Markets Board (SPK) will be required to open accounts with MASAK.

The new regulations are planned to come into effect on February 25, 2025. With these comprehensive changes, it is aimed to make the cryptocurrency market more transparent and secure.


 
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