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New regulations for cryptocurrency exchanges in Turkey have been published in the Official Gazette. Under these regulations, cryptocurrency exchanges will be responsible for fulfilling their obligations to prevent money laundering and terrorist financing. Furthermore, exchanges must appoint a compliance officer and establish a legally compliant program within one month. Banks and financial institutions will also need to obtain approval from senior executives before engaging in business relationships with cryptocurrency exchanges. These new regulations aim to increase transparency and reliability within the sector.
New Obligations for Cryptocurrency Transfers
The new regulation introduces a requirement for exchanges to verify sender information for cryptocurrency transfers of 15,000 Turkish Liras and above. This information includes the sender’s name, surname, trade registry number, and wallet address. While recipient information will be recorded, verification will not be mandatory.
New rules are also being implemented for transfers between cryptocurrency exchanges. If the receiving exchange cannot verify the sender’s information, it will return the transfer. These measures are intended to prevent money laundering and illegal financing.
Mandatory Identity Verification and Compliance Programs
Cryptocurrency service providers must meticulously verify the identities of their customers. Identity information will be confirmed through the Ministry of Interior’s Identity Sharing System. Moreover, remote identity verification will only be permitted in situations allowed by law.
All cryptocurrency exchanges are required to appoint a compliance officer and establish their compliance programs within one month. Existing exchanges must complete the identity verification of their current customers within four months.
The regulation also mandates that customers who register through remote identity verification can only make their initial deposit and withdrawal transactions through a bank account that matches their identity information. These new regulations stand as significant steps towards ensuring legal order and reliability in the cryptocurrency market, aiming to reduce the risks of money laundering and enhance transparency among market participants.
