Turkey Announces New Crypto Regulations for 2025
Türkiye this week introduced new cryptocurrency regulations to strengthen its anti-money laundering (AML) framework. The new rules require individuals to verify information for medium- to large-scale transactions.
The regulations will be implemented in February 2025 and aim to prevent illegal financial activities in the cryptocurrency market.
Anti-Money Laundering Efforts in Türkiye
Under the new regulations, individuals conducting cryptocurrency transactions exceeding 15,000 Turkish lira ($425) must share their identity information with crypto service providers.
this New cryptocurrency regulations Reflecting the global trend towards tighter oversight of money laundering through cryptocurrencies. The measures are also partly driven by the country’s growing prominence in the global cryptocurrency market.
Recent bills cover various aspects of cryptographic services. it imposes broad obligations, such as licensing requirementsmeasures to prevent market abuse, and the establishment of formal written contracts with customers.
The development of events follows the imminent Implementing the Marketplace for Crypto-Assets (MiCA) EU regulation. Both moves signal a growing international focus on establishing a solid regulatory framework for the cryptocurrency industry.
In addition to transaction limits, customers using wallet Addresses not previously registered with the provider will be subject to an identity verification process. If the provider cannot obtain sufficient information from the sender, they can classify the transaction as “risky” and stop it if necessary.
“If successive messages contain incomplete information and the information is not filled in as required, the receiving crypto-asset service provider should consider rejecting the transfer from the sending crypto-asset service provider or restricting transactions with the relevant crypto-asset service provider. transaction, or termination of business relationship”, according to document Published by the Official Gazette of the Republic of Türkiye.
These new regulations Responsibilities of Cryptocurrency Exchanges and service providers implement secure customer authentication systems.
The evolving cryptocurrency industry
The past year has witnessed new activity from Turkish cryptocurrency companies, among which 47 companies applied for business licenses As of August, regulation comes from the Capital Markets Board (CMB). Applications surged after the new regulations were introduced. Notable applicants include well-known exchanges such as Bitfinex, Binance TR, OKX TR, and Gate TR.
This has renewed interest in cryptocurrency exchange Obtaining the Turkish license stems from the implementation of the “Amendment to the Capital Markets Law” on July 2. The law establishes a regulatory framework for crypto-asset service providers in Turkey.
Although Türkiye has Cryptocurrency prohibited As of 2021, individuals can still buy, hold and trade crypto assets.
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