Turkey recently introduced new cryptocurrency regulations aimed at strengthening anti-money laundering frameworks. These regulations will require individuals to verify information for medium to large-scale transactions and are set to be implemented by February 2025. The goal of these regulations is to prevent illicit financial activities in the cryptocurrency market, reflecting a global trend toward stricter oversight of money laundering practices via crypto. These regulations also align with Turkey’s growing prominence in the global cryptocurrency market, prompting the need for more stringent measures.
The recent bill encompasses various aspects of crypto services, including licensing requirements, measures to prevent market abuse, and the establishment of formal written contracts with customers. These regulations come in anticipation of the Markets in Crypto-Assets (MiCA) regulation in the European Union, signaling a growing international focus on establishing a solid regulatory framework for the cryptocurrency sector. In addition to the transaction limit, customers using wallet addresses not registered with the provider will be subject to identity verification procedures, with providers having the option to classify transactions as “risky” and halt them if necessary.
These new regulations place a significant responsibility on crypto exchanges and service providers to implement secure customer verification systems. The past year has seen renewed activity among Turkish crypto firms, with 47 companies applying for operating licenses from the Capital Markets Board (CMB) as of August. This surge in applications followed the introduction of new regulations in Turkey. Notable applicants included prominent exchanges like Bitfinex, Binance TR, OKX TR, and Gate TR. This renewed interest from crypto exchanges in obtaining Turkish licenses stems from the implementation of the “Law on Amendments to the Capital Markets Law” on July 2, which established a regulatory framework for crypto asset service providers in Turkey. While Turkey has banned using cryptocurrencies for payments since 2021, individuals can still buy, hold, and trade crypto assets.
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