Turkey has introduced new regulations affecting cryptocurrency exchanges. These changes aim to combat money laundering and terrorism financing through mandatory compliance programs.
New Requirements for Transfers
According to the updated regulations, exchanges must verify the identities of individuals sending cryptocurrencies valued at 15,000 Turkish Liras or more. This involves collecting the sender’s personal details, including name, surname, trade registry number, and wallet address, while recipient details will only be recorded.
How Will Identity Verification Be Conducted
To enhance compliance, cryptocurrency providers are mandated to conduct thorough identity checks on their customers using the Ministry of Interior’s Identity Sharing System. Remote identity verification is restricted to legally permitted cases only.
Goals of the New Rules
These regulations aim to foster transparency and security in Turkey’s cryptocurrency sector, significantly reducing the potential for illegal activities and ensuring a more reliable market environment.
The new rules in Turkey for cryptocurrency exchanges are focused on enhancing security and combatting illegal activities, thereby ensuring a safer and more transparent operation within the sector.
