As the end of 2024 approaches in Turkey, new regulations regarding cryptocurrencies have been introduced. These regulations aim to increase transparency and security in the cryptocurrency market. The new regulation requires cryptocurrency exchanges to monitor their transactions and customers constantly. Controls on cryptocurrency transfers have also been heightened, with exchanges now mandated to verify identities for transactions exceeding 15 thousand TL. This means that senders will have to provide detailed information, including their name, surname, trade registry information, wallet address, and citizenship or passport number.
Moreover, in transfers between exchanges, if the receiving exchange cannot confirm the sender’s information, the transaction may be categorized as risky and sent back. The regulation aims to prevent money laundering and terrorist financing in the cryptocurrency market. It has been stated that if sufficient information cannot be obtained, the transfer may not be performed, transactions with the financial institution in question may be limited, or the business relationship may be terminated. These measures are set to come into effect on February 25, 2025, indicating a significant shift in the regulatory landscape of the cryptocurrency market in Turkey.
In light of these new regulations, cryptocurrency exchanges in Turkey will have to adhere to stricter compliance measures to ensure the legality and legitimacy of their transactions. By requiring comprehensive identity verification for transactions exceeding 15 thousand TL, the government aims to crack down on illicit activities such as money laundering and terrorist financing. The increased scrutiny on cryptocurrency transfers seeks to address potential risks and safeguard the integrity of the financial system.
It is crucial for cryptocurrency exchanges and traders in Turkey to familiarize themselves with these new regulations and comply with the mandatory requirements. Failure to do so could result in consequences such as restricted transactions or termination of business relationships. The government’s focus on preventing financial crimes through tighter regulations underscores the importance of maintaining transparency and accountability in the cryptocurrency market.
Overall, the new regulations in Turkey represent a significant step towards regulating the cryptocurrency market and combating illicit activities. By imposing stricter compliance measures and enhancing monitoring of transactions, the government aims to create a more secure and transparent environment for cryptocurrency trading. As the deadline for compliance approaches, cryptocurrency exchanges and traders must act swiftly to ensure they meet the necessary requirements and avoid potential penalties.
