In order to combat money laundering and terrorism financing, Turkey has implemented new regulations for cryptocurrency transactions.
The regulation of cryptocurrency in Turkey is undergoing a continuous transformation, with the introduction of new regulations regarding anti-money laundering and crypto transactions.
On December 25, the Official Gazette of the Republic of Turkey published new anti-money laundering regulations. Users who transact over 15,000 Turkish liras ($425) are required to provide identification details to cryptocurrency service providers in accordance with these regulations.
The objective of the new regulation is to prevent the use of cryptocurrency in the financing of terrorism and money evasion.
It is important to note that crypto service providers in the country are not required to gather consumer transaction information when the quantity involved is less than $425.
February 25, 2025, marks the implementation of the new regulations. Turkey’s endeavor to mitigate potential illicit cryptocurrency transactions is indicative of global trends.
The European Union’s Markets in Crypto-Assets (MiCA) regulation is the most significant. Dec. 30 marks the implementation of MiCA, which has caused numerous cryptocurrency providers to rush to ensure that they are in compliance. Several exchanges have delisted stablecoins that are not compliant.
Holding and trading cryptocurrency is permissible in Turkey. In June 2024, the nation conferred cryptocurrency legal status.
Nevertheless, a prohibition on the utilization of crypto assets for payment purposes has been in effect since 2021.
Additionally, there has been a recent proposal to implement a 0.03% transaction tax in order to increase the county’s budget. At present, Turkey does not impose a tax on cryptocurrency profits.
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