As the end of 2024 approaches in Turkey, where regulatory efforts regarding cryptocurrencies continue, a new change has been made.
While this regulation was published in the official gazette today, new obligations were imposed on cryptocurrency exchanges.
Accordingly, exchanges will now have to constantly monitor their transactions and customers. In addition, controls on cryptocurrency transfers have been increased and exchanges have been required to verify their identities for transactions of 15 thousand TL and above.
Accordingly, comprehensive identity verification has been made mandatory for cryptocurrency transfers exceeding 15 thousand TL. In this context, the sender will have to present their name, surname, trade registry information, wallet address, and citizenship or passport number.
In transfers between exchanges, if the exchange receiving the transaction cannot confirm the sender's information, it may categorize the crypto transfer as risky and send it back.
“If sufficient information cannot be obtained, consideration will be given to not performing the transfer, limiting transactions with the financial institution in question, or terminating the business relationship.”
It was stated that the new regulation aims to prevent money laundering and terrorist financing.
These new regulations are planned to come into force on February 25, 2025. It was stated that these comprehensive changes aim to make the cryptocurrency market more transparent and secure.
*This is not investment advice.
