Turkey has passed a new law requiring cryptocurrency users to provide identification data for transactions exceeding $425. Those who fail to comply with Know Your Customer (KYC) requirements may face up to 25 years in prison for money laundering. This shows that Turkey is committed to user safety and is closely monitoring crypto usage. It remains to be seen how this move will impact investors.
In 2023, Turkey introduced its first legal framework for cryptocurrencies. This has created a more secure and structured environment for investors, addressing concerns about trust and reliability in the market. Turkey is currently the fourth-largest crypto market globally, with a trading volume of $170 billion.
The approval of Bitcoin spot ETFs in the U.S. has had a global impact, inspiring more Turkish investors to explore crypto markets. The country’s Capital Markets Board has established a list of approved crypto platforms, providing security for investors and boosting confidence in Turkey’s crypto market.
Despite strict laws, Turkey has seen an increase in trading activity. OKX Turkey reported $2.5 billion in transactions since its launch in February 2024. Institutional investors, including pension funds and corporate treasuries, are showing interest in the market. This positions Turkey as the largest crypto market in the Middle East and North Africa.
Experts believe that Turkey’s regulatory framework is a game-changer for the crypto industry. It creates a trustworthy environment, attracting institutional investments and expanding the user base. Turkey’s strategic location and growing market activity make it a key player in the global crypto space.
The new regulation also applies to unregistered wallet addresses, requiring exchanges to collect complete information before processing transactions. Transactions without sufficient information may be classified as “risky” and temporarily suspended.
Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.
