Turkey rolls out new crypto AML laws

• Turkey has launched new laws for crypto transactions to battle cash laundering and terrorism financing.
• New AML laws go into impact on February 25, 2025.

Turkey’s cryptocurrency regulation panorama continues to evolve, with new regulatory developments round crypto transactions and anti cash laundering.

On Dec. 25, the Official Gazette of the Republic of Turkey revealed new AML guidelines. Underneath these laws, customers transacting over 15,000 Turkish liras ($425) must share identification particulars with cryptocurrency service suppliers.

The brand new regulation targets the prevention of crypto use in cash laundering and terrorism financing.

Notably, crypto service suppliers within the nation usually are not mandated to gather buyer transaction info when quantity concerned is under $425.

The brand new laws take impact on February 25, 2025.

Crypto authorized in Turkey

As Turkey appears to be like to curb potential illicit crypto transactions, it’s effort displays tendencies across the globe.

Most notable is the European Union’s Markets in Crypto-Property (MiCA) regulation. MiCA comes into impact on Dec. 30, which has a number of crypto suppliers scrambling to conform. A number of exchanges have delisted non-compliant stablecoins.

Turkey permits crypto customers to carry and commerce. The nation granted crypto authorized standing in June 2024.

Nevertheless, a ban on the usage of crypto property for funds has been in place since 2021.

A latest proposal has additionally appeared to introduce a 0.03% transaction tax, with this geared toward boosting the county’s funds. Turkey presently has no crypto revenue tax.