Starting February 25, 2025, new regulations in Turkey will require mandatory identity verification for cryptocurrency transactions exceeding 15,000 TL. These measures aim to combat money laundering and terrorism financing.
Key Requirements Under the New Regulations
The regulation mandates the collection and verification of detailed identity information for transactions exceeding the specified threshold. For individuals, full name, address, place of birth, national ID number, customer number, passport number, or tax identification number are required. For legal entities, business name and trade registry number are necessary. Additional details such as wallet address or transaction reference number need to be provided to identify the sender. Even for transactions originating from non-crypto service providers, similar details must be declared by both parties involved in the transfer.
Enhanced Scrutiny for High-Risk Transactions
While transactions below 15,000 TL do not require identity verification, crypto asset service providers are expected to adopt a risk-based approach, requesting additional documentation if needed. Suspicious or unverifiable transactions may be declined, and service providers reserve the right to terminate business relationships with clients in such cases. These measures are integrated into existing anti-money laundering and anti-terrorism financing regulations to ensure a more robust monitoring framework.
Industry Implications
The new regulations underline Turkey’s commitment to aligning its crypto policies with global standards. While these measures may increase compliance requirements for crypto exchanges and users, they are expected to enhance market integrity and deter illicit activities.
These changes are intended to create a safer and more transparent crypto environment. Monitoring of market conditions and analysis of the implications for industry participants continues.
