Turkey Adopts Stricter Anti-Money Laundering Regulations for Cryptocurrency Transactions

Turkey has taken a significant step towards strengthening its presence in the global cryptocurrency landscape by introducing stricter anti-money laundering (AML) rules. The new regulations require individuals conducting transactions exceeding 15,000 Turkish Liras (approximately $425) to provide identifying information to crypto service providers. This move aims to enhance transparency and reduce risks associated with illicit activities.

The introduction of these stricter AML rules in Turkey comes at a time when global interest in crypto regulation is on the rise. In fact, this development precedes the implementation of Europe’s pioneering Markets in Crypto-Assets (MiCA) framework, which will take effect on December 30th. This comprehensive regulatory framework aims to strike a balance between innovation and investor protection.

Turkey’s move empowers providers to classify transactions as “risky” and restrict them if adequate information is unavailable. Furthermore, firms must secure licenses from the Capital Markets Board (CMB) to operate, with oversight shared between the Financial Crimes Investigation Board and TÜBİTAK, which will audit technological infrastructure.

Source: ambcrypto.com