MANDATORY IDENTITY VERIFICATION FOR CRYPTOCURRENCIES FROM TURKEY

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Turkey has introduced new cryptocurrency regulations to combat money laundering and the financing of terrorism. According to the regulations published in the Official Gazette, users will be required to provide their identity information to cryptocurrency service providers for transactions exceeding 15,000 Turkish Liras (approximately 425 US dollars).
These regulations are inspired by international practices such as Europe's Markets and Crypto Assets (MiCA) framework. As of September 2023, Turkey's crypto market ranks fourth in the world with a transaction volume of 170 billion dollars.
The new regulations will come into effect on February 25, 2025. From this date onwards, crypto service providers will also verify the identity for transactions coming from previously unregistered wallet addresses. If the necessary information cannot be provided, such transactions may be classified as "risky" and can be halted.
In 2024, increasing activity among crypto companies in Turkey has been observed. The Capital Markets Board (CMB) has received 47 license applications by August. These applications have increased following the "Law Amending the Capital Markets Law" which came into effect in July and provides a regulatory framework for crypto asset service providers.
Ultimately, Turkey's new cryptocurrency regulations are an important step in combating financial crimes and aim to create a safer and more transparent environment in the industry.
References:
• Cointelegraph. "Turkey introduces stricter crypto AML regulations." December 25, 2024. 
• CoinEdition. “Turkey Rolls Out Tougher Crypto Rules to Prevent Money Laundering and Terrorism Financing.” December 25, 2024. 
• CoinJournal. "Turkey rolls out new crypto AML regulations." December 25, 2024. 
• CryptoNews. "Turkey Tightens Crypto AML Rules, Mandating User Info for Transactions by 2025." December 25, 2024.