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\u2019s approach to digital asset monitoring.<\/p>\n
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 \u201crisky,\u201d with the option to halt or limit it, and in some cases, end the business relationship with the sender altogether.<\/p>\n
Turkey\u2019s cryptocurrency market has experienced rapid growth, ranking as the fourth-largest globally with an estimated trading volume of $170 billion in September 2023, surpassing<\/a> <\/strong>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\u2019s recent regulatory framework, introduced in July 2024, has provided clearer guidelines for crypto businesses, contributing to this surge in activity.<\/p>\n