Turkey has implemented new guidelines for cryptocurrency transactions to combat money laundering and financing of terrorism.
The new AML regulations will become effective on February 25, 2025.
The regulatory framework for cryptocurrencies in Turkey is continuously changing, with fresh developments regarding crypto transactions and anti-money laundering protocols.
On December 25, the Official Gazette of the Republic of Turkey released updated AML regulations. According to these guidelines, individuals transacting over 15,000 Turkish liras ($425) are required to provide identification information to cryptocurrency service providers.
This new regulation aims to thwart the utilization of cryptocurrencies in money laundering and terrorism financing.
Importantly, cryptocurrency service providers in the nation are not required to gather customer transaction details when the amount is under $425.
The updated regulations will be enforced starting February 25, 2025.
Crypto recognized in Turkey
In Turkey’s effort to mitigate possible illicit cryptocurrency activities, its initiatives mirror global trends.
Particularly noteworthy is the European Union’s Markets in Crypto-Assets (MiCA) regulation. MiCA goes into effect on December 30, prompting several crypto providers to hastily ensure compliance. Numerous exchanges have removed non-compliant stablecoins from their listings.
Turkey permits cryptocurrency users to own and trade. The nation granted legal recognition to crypto in June 2024.
Nevertheless, a prohibition on utilizing crypto assets for payments has been enforced since 2021.
A recent proposal has also aimed to implement a 0.03% transaction tax, intended to enhance the country’s budget. Presently, Turkey does not impose a tax on cryptocurrency profits.
Be the first to comment