Turkey has introduced new regulations affecting cryptocurrency exchanges, detailed in an official announcement. These rules require exchanges to take significant steps to combat money laundering and the financing of terrorism. Each exchange must now appoint a compliance officer and develop a program that adheres to legal standards within one month.
What Are the New Requirements for Transfers?
According to the updated regulations, exchanges must verify the identities of individuals sending cryptocurrencies valued at 15,000 Turkish Liras or more. The verification involves collecting the sender’s personal details, including name, surname, trade registry number, and wallet address, while recipient details will only be recorded.
How Will Identity Verification Be Conducted?
To enhance compliance, cryptocurrency providers are mandated to conduct thorough identity checks on their customers, using the Ministry of Interior’s Identity Sharing System for confirmation. Remote identity verification is restricted to legally permitted cases only.
- Exchanges must appoint compliance officers and implement compliance programs.
- They are required to complete the verification of existing customer identities within four months.
- New registrants using remote verification can only transact through bank accounts matching their identity.
These regulations aim to foster transparency and security in Turkey’s cryptocurrency sector, significantly reducing the potential for illegal activities and ensuring a more reliable market environment.