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Turkiye Introduces Stringent Crypto Regulations to Combat Money Laundering

Author: Content Editor
The Turkish government has introduced comprehensive cryptocurrency regulations aimed at ensuring transparency and security in the financial ecosystem. Cryptocurrency exchanges are now classified as "liable entities" and must comply with anti-money laundering (AML) and counter-terrorist financing (CTF) standards. Exchanges are required to appoint a compliance officer, establish AML programs, and monitor customer transactions. Customer identity verification will also be implemented, and transactions exceeding a certain amount will require sender verification. Banks and financial institutions engaging with crypto exchanges must obtain executive-level approval and monitor transactions. Exchanges must follow asset freezing decisions and all existing customers must complete the compliance process. Remote identity verification is permitted under specific conditions, and initial deposits must be routed through verified bank accounts. These regulations aim to create a secure and transparent cryptocurrency ecosystem in Turkey.

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