Starting February 25, 2025, new regulations will come into effect in Turkey, imposing mandatory identity verification for cryptocurrency transactions over 15,000 TL. Published in the Official Gazette, these measures aim to combat money laundering and the financing of terrorism by introducing stricter oversight of crypto asset transfers.
Key Requirements Under the New Regulations
The regulation mandates the collection and verification of detailed identity information for transactions exceeding the specified threshold:
- For individuals: Full name, address, place of birth, national ID number, customer number, passport number, or tax identification number.
- For legal entities: Business name and trade registry number.
- Additional details: Wallet address or transaction reference number to identify the sender.
Even for transactions originating from non-crypto service providers, similar details must be declared by both parties involved in the transfer.
Enhanced Scrutiny for High-Risk Transactions
While transactions below 15,000 TL do not require identity verification, crypto asset service providers are expected to adopt a risk-based approach, requesting additional documentation if needed. Suspicious or unverifiable transactions may be declined, and service providers reserve the right to terminate business relationships with clients in such cases.
These measures are integrated into existing anti-money laundering and anti-terrorism financing regulations to ensure a more robust monitoring framework. By strengthening oversight, Turkey aims to create a safer and more transparent crypto environment.
Industry Implications
The new regulations underline Turkey’s commitment to aligning its crypto policies with global standards. While they may increase compliance requirements for crypto exchanges and users, these measures are expected to enhance market integrity and deter illicit activities.
Turkish NY Radio will continue to provide updates on these developments and their implications for the cryptocurrency market.
Key Takeaways:
- Transactions over 15,000 TL will require mandatory identity verification starting February 25, 2025.
- Information such as names, addresses, and wallet details will be collected for compliance purposes.
- Service providers may request additional documents for high-risk transactions.
- These rules aim to combat money laundering and terrorism financing in the crypto sector.
