Turkey has introduced new regulations on cryptocurrency transactions to combat money laundering and terrorist financing. The new AML regulations will come into effect on February 25, 2025.
The crypto regulatory landscape in Turkey continues to evolve, with the development of new regulations regarding crypto trading and anti-money laundering.
On December 25, the Official Gazette of the Republic of Türkiye published new AML regulations. Under these regulations, users making transactions over 15,000 Turkish liras ($425) will be required to share identifying details with cryptocurrency service providers.
The new regulation aims to prevent the use of cryptocurrencies in money laundering and terrorist financing.
In particular, cryptocurrency service providers in this country are not obligated to collect customer transaction information if the amount is less than $425.
The new regulations will come into effect on February 25, 2025.
Cryptocurrency is legal in Türkiye
Turkey is working to curb potentially illegal cryptocurrency transactions, and its efforts mirror trends around the world.
The most notable is the European Union's Market in Cryptoassets (MiCA) regulation. MiCA went into effect on December 30th, and several crypto providers are scrambling to comply. Several exchanges have delisted non-compliant stablecoins.
Turkey allows virtual currency users to hold and trade. The country granted legal status to cryptocurrencies in June 2024.
However, starting in 2021, the use of crypto assets for payments will be prohibited.
Recent proposals also consider implementing a 0.03% transaction tax to increase county budgets. Turkey currently has no cryptocurrency profits tax.
