Turkey Introduces Strict Crypto AML Rules for 2025

On December 25, 2024, the Republic of Türkiye announced new anti-money laundering (AML) regulations for crypto-asset users in the Official Gazette.

According to the official gazette, users will provide identification information to crypto asset service providers (CASPs) for transactions exceeding 15,000 Turkish liras or $425.

This new regulation was announced after being inspired by legislative developments in the EU, such as the Markets in Crypto-Assets Regulation (MiCAR), which will be fully implemented by December 30th.

This new regulation will be implemented in Turkey by 25 Feb 2025 to reduce the illegal usage of digital assets in money laundering.

CASPs have to get all the required information from wallet addresses or users that weren’t registered. In case, the crypto wallet isn’t registered, then that specific transaction will be considered risky, and CASPs will have the complete authority to terminate business relationships or limit transactions with users.

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As per media sources, in September 2023, Turkey ranked as 4th largest crypto market at a global level, with an estimated cryptocurrency trade volume of $170 billion, surpassing Canada and Russia.

In mid-2024, after implementing the “Law on Amendments to the Capital Markets Law” to maintain specific criteria for CASPs, the Turkish Capital Markets Board (CMB) received 47 license registration applications from crypto exchanges.

According to the official gazette, the Turkish government also introduced a new policy to impose a tax per transaction of crypto that will support the national budget. However, this rule isn’t implemented yet.