Turkey Enforces New Crypto Rule Against Money Laundering
Turkey implemented new cryptocurrency regulations motivated by favorable regulatory developments in the world’s major jurisdictions like Europe.
Users who conduct transactions totaling more than 15,000 Turkish lira must provide the nation’s crypto service providers with their personal information under the new system published in the Republic of Turkey’s Official Gazette.
The new Anti-Money Laundering (AML) rule plans to stop cryptocurrency transactions from being used to finance terrorism and launder illegal funds.
Crypto service providers are exempt from collecting data for transfers of digital assets under 15,000 Turkish lira. A week before the world’s first comprehensive crypto regulatory framework, the Europe Markets 0in Crypto-Assets (MiCA) bill, is scheduled to take effect at the end of this month. Turkey’s new regulatory bill coincides with a surge in interest in crypto regulation.
Turkish cryptocurrency companies were active in 2024, as evidenced by the 47 license applications they submitted to the Turkish Capital Markets Board (CMB) in the run-up to August under the new regulation.
There was a surge in applications after the “Law on Amendments to the Capital Markets Law” took effect on July 2. The laws governing cryptocurrency trading in Turkey permit people to purchase, hold, and exchange cryptocurrency, but since 2021, it’s illegal to use it to make payments. Although cryptocurrency profits are not taxed in Turkey, a small transaction tax of 0.03% is being considered to support the country’s budget.
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