Cryptocurrencies have significantly deviated from Nakamoto's original philosophy. On February 25, new blockchain changes in Turkey will considerably reduce crypto wallet anonymity.
End of Anonymous Wallets
The US and EU have implemented various measures in this area. With the introduction of the Travel Rule, anonymity in decentralized wallets will largely be eliminated in Turkey. From February 25 onwards, users transferring amounts over 15,000 TL will need to provide their identification details. Ahmet Usta noted these new obligations come into effect with an official announcement published on December 25, 2024, requiring cryptocurrency service providers to collect and retain sender and receiver information for transfers over 15,000 TL, including names, account numbers, identification numbers, wallet addresses, and transaction amounts.
EU and US Regulations
The MiCA regulation, long in development, imposes similar responsibilities on crypto service providers in the European Union. In the US, the Travel Rule has expanded since 1996 to include cryptocurrencies. In 2019, several countries, including Germany, Singapore, and Switzerland, legislated compliance with this rule. The US extended this rule to cryptocurrencies in 2019, and by 2021 it became a requirement.
Impact on the Crypto Community
Transfers between exchanges with completed KYC verification will likely process smoothly, but issues may arise if a transfer from a decentralized wallet to an exchange account lacks sender information. This will complicate holding assets in decentralized wallets, particularly affecting decentralized finance (DeFi).
The introduction of new regulations will significantly complicate maintaining anonymity in cryptocurrency transactions in Turkey, raising questions about the future of decentralized wallets and their holders.
