New Rules In Turkey Aim To Prevent Money Laundering
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Turkey has introduced new cryptocurrency rules, taking inspiration from international regulations like Europe’s Markets in Crypto Assets (MiCA). The rules aim to control cryptocurrency transactions and help fight issues like money laundering and terrorism financing.
A document, published on December 25 in Turkey’s Official Gazette, shows that all cryptocurrency transactions over 15,000 Turkish liras, which is about $425, will need users to provide identifying information to the service providers. Turkey said the new rule helps keep the market secure. For transfers below $425, service providers won’t need to ask for those details.
Turkey’s New Rules Are Set To Take Effect On February Next Year
According to the update, the new regulations will take effect on February 25 next year, giving businesses time to adjust to the new rules. Turkey said the rule requires transactions with unregistered wallet addresses to be confirmed. If the sender’s information is missing, the transaction could be seen as “risky.” This may cause the transaction to be stopped or the business relationship to end.
A statement from the legislation explained that if service providers cannot gather enough information, they might not be able to perform the transfer. In some situations, they may limit transactions or end their relationship with the customer. This is to lower the risks of financial crimes.
Turkey’s cryptocurrency market is now the fourth largest in the world, with an estimated $170 billion in trades as of September last year. More people in the country are interested in cryptocurrencies, and local authorities are creating rules to keep them safe.
Earlier this year, the Turkish Capital Markets Board (CMB) received 47 license applications from crypto firms. This followed the passing of the “Law on Amendments to the Capital Markets Law,” which helped create rules for crypto asset providers.
While trading cryptocurrencies is allowed in Turkey, paying with them has been banned since 2021. The government hasn’t taxed cryptocurrency profits yet but is thinking about a tiny 0.03% tax to help with the national budget.
Turkey’s New Crypto Rules Align With Global Control Trends
Turkey’s new cryptocurrency rules fit with worldwide plans to manage cryptocurrency. The MiCA rules in Europe begin on December 30 and they show how countries control digital assets.
Binance, one of the world’s largest cryptocurrency platforms, also introduced changes to its services in Turkey. The company said it has been following the country’s rules and expressed support for a framework that helps protect the crypto ecosystem. Binance is adjusting its operations to meet both local and global rules.
Although Binance.com will still be available to users in Turkey, the Turkish language option will be removed within the next three months. The company said all marketing activities targeting Turkish users will stop completely.
