Türkiye Imposes Anti-Money Laundering Rules on Cryptocurrencies, User IDs Mandatory by 2025 – Blockchain News, Opinions, TV and Jobs

Turkey’s new regulation of anti-money laundering legislation for the cryptocurrency market is set for approval in February 2025 to protect the country from financial crimes. New rules unveiled this week will put pressure on cryptocurrency service providers a report Users who handle transactions worth more than 15,000 TL or $425.

This social Regulatory approach It is in line with international developments, including the EU Markets for Cryptoassets (MiCA) regulation to eliminate the use of digital money for money laundering and financing acts of terrorism.

Strict user identification rules begin on February 25, 2025

Since February 25, 2025, Turkish cryptocurrency exchanges and related service providers must precisely identify their clients. If the details of a particular sender cannot be confirmed, as mentioned above, service providers can stop the identified transaction as a high-risk transaction. This may entail the suspension or even complete exclusion of business relationships related to non-compliant users.

Cryptocurrency companies operating in Türkiye need to obtain a Capital Markets Board license.Cryptocurrency companies based in Türkiye are also expected to obtain a license from the Capital Markets Board. Since the implementation of the regulation issued in July, the Capital Markets Board has received 47 applications to issue funds.

In addition, the Financial Crimes Investigation Board will continue in perpetuity to supervise the investigation of financial crimes in Türkiye. In the same vein, TUBITAK, SCIENTIFIC AND Technological The Turkish Research Council will investigate the technological systems of cryptocurrency companies.

Turkey now ranks eleventh globally in terms of the use of digital assets and without providing any detailed information to citizens about the legal regulation of this field, Turkey believes that the rules are necessary to confront the abuse of the rapidly developing sector.

Since it largely dominates the buying and selling of cryptocurrencies, the country has seen the most changes being rolled out. While these measures aim to enhance consumer protection and financial security, industry experts have highlighted potential challenges:

Innovation versus compliance costs: Small businesses can be harmed by working within set parameters, which can slow down the development of innovation. Opportunities for International Companies: Some major global cryptocurrency companies may see the new framework as an entry point into Türkiye.

However, due to restrictions imposed by anti-money laundering rules, cryptocurrency transactions have been banned in Türkiye since 2021. Buying and selling with cryptocurrencies is legal. But the adoption of virtual assets for settlement against local goods and services remains limited.

Borsa Istanbul also plans to impose a 0.03% capital gains tax on its sales to boost national revenues for Turkish rule. This total is expected to support financial objectives because it is the least measurable to influence market development.

Türkiye has justified these decrees as equivalent to the EU’s Mi-CA approach, but in reality it has more stringent requirements regarding licensing and operation. Accordingly, the decentralization of US supervision leads to differences within its own cryptocurrency market.

Today, regulation of cryptocurrencies is also progressing in other countries belonging to the international community. For example, Russia Proposed a simultaneous model to identify and block illicit transactions along with banning mining in 10 regions from January 2023.

🇷🇺 The Central Bank of Russia is developing a new monitoring platform to combat illegal OTC cryptocurrency services and enhance financial security! #encryption #Russiahttps://t.co/gSD4mDWDar

— Cryptonews.com (@cryptonews) December 25, 2024

Türkiye has come out with new, stricter anti-money laundering measures, and the cryptocurrency market in Türkiye is facing this shift as a pivot; Türkiye is at the forefront of regulatory adoption and compliance path in the region. As the participating agencies pursue their goals of tackling the illegal use of digital assets and promoting the development of the cryptocurrency economy field, the rules will reshape the future landscape for both domestic and foreign cryptocurrency companies.

Türkiye, like 190 other countries in the world, has until February 2025 to address non-optimal issues related to the issue. Cryptocurrencies The global cryptocurrency market will be watching Türkiye closely to see how the country walks the tightrope between innovation and implementation in a market that is still evolving.