Turkey rolls out new crypto AML regulations
Turkey has introduced new regulations for crypto transactions to battle money laundering and terrorism financing.
New AML regulations go into effect on February 25, 2025.
Turkey’s cryptocurrency regulation landscape continues to evolve, with new regulatory developments around crypto transactions and anti money laundering.
On Dec. 25, the Official Gazette of the Republic of Turkey published new AML rules. Under these regulations, users transacting over 15,000 Turkish liras ($425) have to share identification details with cryptocurrency service providers.
The new regulation targets the prevention of crypto use in money laundering and terrorism financing.
Notably, crypto service providers in the country are not mandated to collect customer transaction information when amount involved is below $425.
The new regulations take effect on February 25, 2025.
Crypto legal in Turkey
As Turkey looks to curb potential illicit crypto transactions, it’s effort reflects trends around the globe.
Most notable is the European Union’s Markets in Crypto-Assets (MiCA) regulation. MiCA comes into effect on Dec. 30, which has several crypto providers scrambling to comply. Several exchanges have delisted non-compliant stablecoins.
Turkey allows crypto users to hold and trade. The country granted crypto legal status in June 2024.
However, a ban on the use of crypto assets for payments has been in place since 2021.
A recent proposal has also looked to introduce a 0.03% transaction tax, with this aimed at boosting the county’s budget. Turkey currently has no crypto profit tax.
