Türkiye strengthens anti-money laundering supervision of cryptocurrencies: interpretation of new regulations and industry impact

Written by: Beosin Compliance Team

With the globalcryptocurrency市场的快速发展，反洗钱（AML）和合规监管逐渐成为各国关注的重点。近日，土耳其政府宣布了一系列更加严格的cryptocurrency反洗钱法规，这一举措迅速引发了行业的广泛关注。这些新规将于 2025 年 2 月 25 日正式生效，彰显了土耳其在加密行业监管领域的决心，同时也为全球市场的合规化发展提供了重要参考。

Interpretation of the new regulations: Strengthening information transparency and transactionsSafety

The Turkish government issued an announcement on December 25, 2024, clarifying the main provisions of the new anti-money laundering regulations, focusing on transaction threshold setting, risk transaction processing and unregisteredwalletrestrictions, and strive to improve the transparency andSafetysex.

Türkiye’s New Cryptocurrency Regulations

Source: Official Gazette of the Republic of Turkey

1. Trading threshold setting

According to the new regulations, when users perform cryptocurrency transactions exceeding 15,000 Turkish lira (about 425 US dollars), they must submit complete identity information to the service provider. For transactions below this threshold, service providers can selectively collect relevant information. This regulation is intended to ensure the traceability of large transactions, thereby effectively curbing the flow of illegal funds.

2. Handling of risky transactions

If the sender of cryptocurrency fails to provide sufficient information, the transaction will be marked as "high risk". The service provider has the right to take a variety of measures in this case, including refusing transactions, restricting cooperation with relevant financial institutions, or even terminating the business relationship with the transaction party. This regulation provides service providers with greater discretion and helps improve the overall trading system.Safetysex.

3. Not registeredwalletLimitations

Not registered on the platformwalletAddresses are also strictly regulated. Service providers need to collect the sender's identity information, otherwise the relevant transactions will be restricted. This measure is aimed at combating illegal activities such as money laundering and financing of terrorism carried out through anonymous wallets.

通过以上举措，土耳其政府希望在加密货币领域建立更加透明和安全的交易环境，为未来行业规范化发展奠定基础。

Global context: Alignment with the European MiCA framework

Turkey’s new rules come at a time when the global cryptocurrency industry is facing important regulatory changes. Europe’s Markets in Crypto-Assets Act (MiCA), which comes into effect on December 30, 2024, is considered the world’s first regulatory framework to fully cover crypto assets.

Turkey's new regulations clearly draw on advanced international regulatory experience such as MiCA, marking its alignment with the world in terms of cryptocurrency compliance. This convergence with international norms not only helps to enhance the attractiveness of the Turkish market, but also provides a more credible trading environment for international investors. In addition, strengthening supervision is essential to address cross-border financial crimes such as money laundering and terrorist financing.

Industry impact: Türkiye's compliance path and market prospects

As the world's fourth largest cryptocurrency market, Turkey's trading volume in 2023 reached $170 billion, surpassing Russia and Canada, demonstrating its important position in the cryptocurrency field. However, Turkey still faces many challenges between regulation and market development. Although buying, holding and trading cryptocurrencies are legal in Turkey, the use of cryptocurrencies as a payment tool has been banned since 2021. This means that although investors can trade freely, they cannot directly apply cryptocurrencies to daily consumption scenarios.

Turkey's cryptocurrency market has shown strong growth momentum, which is inseparable from its special economic environment and the strong demand for digital assets among the people. Turkey has long faced problems of high inflation and currency depreciation, which has prompted more and more people to regard cryptocurrencies as a tool to hedge risks and protect wealth. However, the Turkish government's attitude towards cryptocurrencies is relatively cautious. Although legal transactions are allowed, restrictions on payment scenarios indicate that regulators are still trying to balance the relationship between innovation and risk control.

1. Promote market standardization

The new regulations will significantly improve market transparency and transaction security, and enhance investors’ confidence in crypto assets.Xiaobai NavigationIn a market environment, participants can enjoy higher quality services, which will further promote the healthy development of the market.

2. Accelerate corporate compliance process

As of December 2024, 77 cryptocurrency companies have applied to the Turkish Capital Markets Board for operating licenses. This reflects the positive response of enterprises to the new regulations and lays the foundation for broader market participation in the future.

3. Long-term development potential

Although the new regulations set restrictions on some trading activities, the Turkish government has maintained an open attitude towards tax policy. For example, no tax is levied on crypto asset profits, and only a transaction tax of 0.03% is levied, showing support for market development. This balanced regulatory approach will help the long-term development of the Turkish crypto market.

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