Turkey Introduces Stricter Cryptocurrency Regulations to Combat Financial Crime

Turkey has introduced new regulations aimed at tackling money laundering and terrorism financing within the cryptocurrency sector.

The new rules, officially published on December 25, require more stringent oversight on transactions that exceed 15,000 Turkish lira (approximately $425). These regulations are set to take effect on February 25, 2025, marking a significant shift in the country’s approach to digital asset monitoring.

Under the new framework, crypto service providers will be required to collect identification details from users conducting transactions above the $425 threshold. Transfers from unregistered wallets will also need to be verified, ensuring that these operations comply with anti-money laundering (AML) protocols. If a provider fails to gather the necessary information, they may categorize the transaction as “risky,” with the option to halt or limit it, and in some cases, end the business relationship with the sender altogether.

Turkey’s cryptocurrency market has experienced rapid growth, ranking as the fourth-largest globally with an estimated trading volume of $170 billion in September 2023, surpassing major markets such as Russia and Canada. This expansion has been accompanied by an influx of applications for crypto licenses, with 47 firms applying for approval from the Turkish Capital Markets Board (CMB) by August 2024. The country’s recent regulatory framework, introduced in July 2024, has provided clearer guidelines for crypto businesses, contributing to this surge in activity.

READ MORE:

Bitcoin, Memecoins, and AI Coins Set for Major Growth in 2025 Amid Regulatory Shifts

The introduction of these measures aligns Turkey with global efforts to regulate the cryptocurrency industry. Europe’s MiCA regulation, set to go into effect on December 30, 2024, is another major step toward standardizing crypto oversight. With these new regulations, Turkey is positioning itself as a key player in the global crypto landscape, balancing growth with enhanced regulatory control.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.