Turkey is set to introduce new anti-money laundering (AML) regulations for crypto transactions, with implementation scheduled for Feb. 25, 2025.
Turkey is set to introduce new anti-money laundering (AML) regulations for crypto transactions, with implementation scheduled for Feb. 25, 2025.
The measures are designed to curb the use of digital currencies for illicit activities, including money laundering and terrorism financing.
According to a document published in the Official Gazette of the Republic of Turkey on Dec. 25, users engaging in transactions exceeding 15,000 Turkish liras (approximately $425) will be required to provide identifying information to crypto service providers. Transactions that do not meet this threshold will not necessitate such disclosures.
The new regulations will also require crypto service providers to gather user information for wallet addresses that have not been previously registered.
If providers cannot obtain the necessary data from a transaction sender, they may classify the transaction as “risky” and consider halting it. The bill states that in cases where sufficient information is not provided, providers may limit transactions or terminate business relationships.
These regulatory changes follow a surge in applications from crypto firms seeking licenses, with the Turkish Capital Markets Board (CMB) reporting 47 applications since the implementation of the “Law on Amendments to the Capital Markets Law” on July 2, 2024.
Notably, Turkey ranks as the fourth-largest crypto market globally, with a trading volume of approximately $170 billion as of September 2023, outpacing countries like Russia and Canada.
While crypto trading is permitted, the use of digital assets for payments has been restricted since 2021.
Additionally, the Turkish government is contemplating a minimal transaction tax of 0.03% on crypto profits to support the national budget, although no such tax is currently in place.
The regulatory framework aligns with broader global trends, particularly Europe's forthcoming Markets in Crypto-Assets (MiCA) bill, which will take effect on Dec. 30, 2024.
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