As a researcher with years of experience tracking global financial trends, I find Turkey’s recent move to tighten cryptocurrency regulations both intriguing and commendable. Having witnessed the rapid growth of the crypto market in various countries, it is clear that regulation is a necessary step towards ensuring the integrity and stability of this new financial frontier.
Turkey is implementing strong regulations for cryptocurrencies starting from February 25, 2025, with the aim of preventing illegal activities like money laundering and terrorism financing. Under these new rules, individuals carrying out transactions worth more than 15,000 Turkish lira (around $425) will be required to disclose their identifying details to cryptocurrency service providers.
JUST IN: Cryptocurrency users in Turkey must now provide ID for transactions over $425.
— Radar🚨 (@RadarHits) December 25, 2024
The action, made public through the Official Gazette on December 25th, brings Turkey’s cryptocurrency regulations in line with global standards. This change is influenced by regulations such as Europe‘s Markets in Crypto-Assets (MiCA) bill, which will be enforced starting from December 30, 2024.
According to the rules, crypto service companies must gather personal data from users who use unidentified digital wallets. Transactions that can’t be traced back to a verified identity might be considered “potentially risky.” In these situations, providers are allowed to pause transactions, restrict interactions, or end business connections altogether.
These actions form part of Turkey’s overall approach to manage and control their rapidly expanding cryptocurrency sector. By September 2023, this sector had reached an astounding $170 billion in trading volume, positioning it as the fourth-largest crypto market worldwide, based on data from Chainalysis.
In Turkey, while cryptocurrency trading continues to be allowed, the utilization of digital assets for transactions has been limited since 2021. Simultaneously, new Anti-Money Laundering (AML) regulations are being implemented, and there are reports suggesting a proposed tax of 0.03% on crypto earnings to strengthen the country’s national budget.
Stricter rules are being implemented as global interest in cryptocurrencies increases significantly. With Bitcoin now exceeding $100,000, Turkey is taking a forward-thinking approach to entice legitimate investors and discourage any potential misuse.
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2024-12-26 00:36