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Turkey Mandates ID for Crypto Transactions Over $425 in 2025
In a move aimed at combating money laundering and the financing of terrorism, Turkey has issued new regulations that mandate identification verification for cryptocurrency transactions exceeding 15,000 Turkish Lira (approximately $425). The new rules will take effect on February 25, 2025.
Under these regulations, all crypto service providers are required to obtain identification information from individuals conducting transactions above the designated threshold. This move is expected to bring Turkey in line with international standards, particularly those set by Europe’s MiCA framework, which takes effect on December 30, 2024.
Turkey has seen significant growth in cryptocurrency adoption, and this latest development demonstrates the government’s commitment to creating a safer and more transparent digital asset ecosystem. By requiring identification for high-value transactions, Turkey aims to reduce financial crime risks associated with anonymous transactions.
The new regulations are part of an ongoing effort by Turkish authorities to regulate the country’s burgeoning crypto market. In July 2024, the Turkish Capital Markets Board (CMB) received 47 license applications from cryptocurrency companies seeking to operate in the Turkish market.
Source: cryptotale.org
