Turkey introduces tougher measures to combat cryptocurrency money laundering
Turkey introduces stricter crypto regulations to combat money laundering, sets $425 transaction ID verification threshold
Turkey has unveiled new cryptocurrency regulations aimed at tightening anti-money launderin (AML) controls, aligning with global standards as the country solidifies its role in the crypto market.
The rules, announced on December 25, 2024, will require identification verification for transactions exceeding 15,000 Turkish liras ($425) starting February 25, 2025, reports Cointelegraph.
Stronger Compliance Measures
Under the new AML framework, crypto service providers must collect identifying details for high-value transactions to curb illicit financial activities, including money laundering and terrorism financing. Transactions below the $425 threshold are exempt from these requirements.
Additionally, the regulations mandate providers to verify customer identities for transactions involving unregistered wallet addresses. Transfers deemed “risky” due to insufficient information may be blocked or restricted, ensuring compliance with security protocols.
Global Alignment and Market Impact
The move mirrors steps taken by the European Union’s Markets in Crypto-Assets (MiCA) framework, which takes effect on December 30, 2024. With an estimated $170 billion in trading volume as of September 2023, Turkey ranks as the fourth-largest crypto market globally, surpassing countries like Russia and Canada.
The regulations reflect Turkey’s commitment to regulatory modernization, as authorities aim to balance market growth with consumer protection and financial security.
Recentrly we wrote, that South Korea's cryptocurrency market has experienced a sharp rise in new investors, driven by growing optimism over U.S. President-elect Donald Trump's pro-cryptocurrency policies.
