Starting February 25, 2025, users in Turkey conducting digital asset transactions exceeding 15,000 TRY (~$425), will be required to provide identification data to crypto service providers.
The new AML provision aims to prevent money laundering and the financing of terrorism.
Insufficient information about the sender will categorize the transfer as “risky,” with the possibility of rejection.
“If the necessary data cannot be obtained, issues such as transaction refusal, restriction of operations with the organization, or termination of business relations will be considered,” the document states.
Crypto service providers are not required to collect information on transfers below the specified threshold.
The tightening of legislation will occur after the remaining MiCA provisions come into force on December 30.
According to Chainalysis, Turkey ranks as the fourth largest national crypto market, trailing only the US, India, and the UK in volume.
In June, ForkLog reported on the country’s authorities preparing to tighten digital asset legislation by the end of the year.
In November 2023, Turkey’s Finance Minister Mehmet Simsek announced the implementation of FATF rules to remove the country from the “grey list.” Ankara has been on this list since October 2021.