Türkiye has announced a comprehensive set of cryptocurrency regulations aimed at tackling money laundering and terrorism financing, tightening oversight of transactions exceeding 15,000 Turkish Liras ($425). The measures, set to take effect on February 25, 2025, were detailed in a decree published in the Official Gazette.
Under the new rules, crypto service providers will be required to collect identifying information from users conducting transactions above the $425 threshold. Transfers originating from unregistered wallet addresses will now necessitate verification, marking a significant step toward increasing transparency in the country’s burgeoning crypto market.
In cases where service providers are unable to obtain sufficient information about a sender, the transaction could be deemed “risky.” The regulations allow providers to halt or restrict such transactions or even terminate their business relationship with the sender if compliance requirements are not met.
Addressing Crypto Ownership Surge
Türkiye’s decision to implement stricter oversight comes against the backdrop of its growing prominence in global cryptocurrency ownership. A report by Triple-A revealed that Türkiye ranks third worldwide in cryptocurrency adoption, trailing only the United Arab Emirates and Singapore.
The report highlights that 19.3% of Türkiye’s population owned cryptocurrency in 2024, compared to 25.3% in the UAE and 24.4% in Singapore. This rising adoption underscores the importance of regulatory measures to ensure the market operates within a framework that prioritizes security and accountability.
Complementary Measures in Other Sectors
The cryptocurrency regulations follow similar measures introduced for gold transactions in the country. Starting in 2025, identification will be required for gold purchases exceeding 185,000 Turkish Liras. These steps reflect Türkiye’s broader strategy to tighten financial oversight across various sectors, further strengthening its efforts to combat illicit financial activities.
Global Implications
Türkiye’s move to regulate its cryptocurrency market aligns with global trends as countries grapple with the challenges posed by the rapid growth of digital currencies. By implementing stringent requirements for high-value transactions and unregistered wallets, Türkiye aims to strike a balance between encouraging innovation and mitigating risks associated with financial crimes.
With these measures, Türkiye is poised to enhance the credibility of its cryptocurrency market while addressing the vulnerabilities that have often plagued the digital asset ecosystem. As the regulations take effect, they are expected to serve as a model for other nations exploring ways to govern the expanding world of cryptocurrencies.
