Turkey to enforce strict crypto rules by 2025
Key measures include mandatory identity verification for transactions over 15,000 Turkish lira (£425) and strict checks on unregistered wallets.
Turkey has unveiled plans for stringent cryptocurrency regulations set to take effect in February 2025. These measures aim to align Turkey’s anti-money laundering frameworks with global standards, inspired by the European Union’s MiCA framework. Crypto service providers will be required to verify the identities of users making transactions exceeding 15,000 Turkish lira (£425), with unregistered wallets also subject to strict checks.
The new rules place significant compliance burdens on crypto firms, including mandatory licensing from the Capital Markets Board and ongoing oversight by the Financial Crimes Investigation Board. Turkey’s Scientific and Technological Research Council (TÜBİTAK) will also audit the technological systems of these firms. While the regulations aim to enhance consumer protection and combat financial crimes, critics warn they could discourage smaller startups and limit innovation.
Turkey, ranked eleventh globally for crypto adoption, continues to attract international attention as these regulations shape its evolving crypto landscape. Despite limitations on crypto payments, the proposed rules may open doors for larger, established firms to expand in the Turkish market.
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