Mr Asghar
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New Turkey’s AML Rule Demands User Identity: What Does Mean For Your Crypto Transactions?
From February 25, 2025, all crypto transactions exceeding the 15,000-lira threshold will require Turkish crypto service providers to verify identities.
Additionally, any customer using wallet addresses not previously registered with the provider will need to undergo identity checks.
Providers are authorized to classify the transaction as “risky” and potentially halt it if they cannot obtain sufficient information from the sender.
The bill stipulates that providers may limit transactions or terminate business relationships with non-compliant users in such cases.
This regulatory shift places significant responsibility on crypto exchanges and service providers, requiring them to implement advanced customer verification systems.
To operate legally, firms must obtain licenses from the Capital Markets Board (CMB), which has already received 47 applications since mid-2024 under the new crypto regulatory framework.
Compliance extends beyond user verification, as the Financial Crimes Investigation Board will oversee ongoing operations.
At the same time, the Scientific and Technological Research Council of Turkey (TÜBİTAK) will audit the technological infrastructure deployed by crypto firms.
Although these regulations could enhance consumer protection and fortify Turkey’s financial system against illicit activities, industry experts warn of potential drawbacks.
The rigorous requirements may stifle innovation and deter smaller startups from meeting compliance costs.
Conversely, established international crypto firms may view the regulations as an opportunity to enter the Turkish market.
#Crypto2025Trends #BTCNextMove #BinanceLaunchpoolBIO #MarketRebound #USUALAnalysis $BTC $ETH $XRP
From February 25, 2025, all crypto transactions exceeding the 15,000-lira threshold will require Turkish crypto service providers to verify identities.
Additionally, any customer using wallet addresses not previously registered with the provider will need to undergo identity checks.
Providers are authorized to classify the transaction as “risky” and potentially halt it if they cannot obtain sufficient information from the sender.
The bill stipulates that providers may limit transactions or terminate business relationships with non-compliant users in such cases.
This regulatory shift places significant responsibility on crypto exchanges and service providers, requiring them to implement advanced customer verification systems.
To operate legally, firms must obtain licenses from the Capital Markets Board (CMB), which has already received 47 applications since mid-2024 under the new crypto regulatory framework.
Compliance extends beyond user verification, as the Financial Crimes Investigation Board will oversee ongoing operations.
At the same time, the Scientific and Technological Research Council of Turkey (TÜBİTAK) will audit the technological infrastructure deployed by crypto firms.
Although these regulations could enhance consumer protection and fortify Turkey’s financial system against illicit activities, industry experts warn of potential drawbacks.
The rigorous requirements may stifle innovation and deter smaller startups from meeting compliance costs.
Conversely, established international crypto firms may view the regulations as an opportunity to enter the Turkish market.
#Crypto2025Trends #BTCNextMove #BinanceLaunchpoolBIO #MarketRebound #USUALAnalysis $BTC $ETH $XRP
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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