Turkey introduced new regulations on Cryptoassets in the last week of 2024, amid positive regulatory developments in major legal jurisdictions around the world, including Europe.
According to the document issued on December 25, under the new regulations, users conducting transactions worth more than 15,000 Turkish Lira ($425) will have to share their personal information with crypto service providers in the country.
The new Anti-Money Laundering (AML) regulations aim to prevent illegal money laundering and terrorist financing through crypto transactions.
Meanwhile, crypto service providers are not required to collect information for digital asset transfer transactions below the $425 threshold.
Turkey's new regulatory bill was issued at a time of growing concern over crypto regulations, a week before the launch of the European Union's first comprehensive crypto asset framework, the Markets in Cryptoassets (MiCA), expected to take effect on December 30.
Turkey's new regulations will come into force on February 25, 2025.
After implementation, crypto service providers will also need to collect identifying information from customers using wallet addresses that were not previously registered with them.
If the provider is unable to collect the necessary information from the sender, the electronic money transfer transaction may be classified as "high risk," allowing the service provider to consider suspending the transaction.
"In case of inability to collect sufficient information, not executing the transaction or restricting transactions or terminating the cooperation relationship will be considered."
According to Chainalysis, as of September 2023, Turkey is the world's fourth-largest Cryptoasset market, with an estimated Trading Volume of $170 billion, surpassing major markets like Russia and Canada.
2024 has seen new activity among Turkey's crypto companies, with the Turkish Capital Markets Board (CMB) receiving 47 license applications from crypto companies as of August, under the new regulations.
The wave of license applications came after the "Amendment to the Capital Markets Law" took effect on July 2, aiming to create a regulatory framework for crypto asset service providers.
Turkey's crypto transaction law allows individuals to buy, hold, and trade Cryptoassets, but the use of Cryptoassets for payments has been banned since 2021.
While Turkey does not tax profits from Cryptoassets, they are considering a 0.03% transaction tax to help strengthen the national budget.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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Viet Cuong
According to Cointelegraph
