In Turkey cryptocurrency exchangesNew regulations regarding Official GazetteIt was published in . In this context, cryptocurrency exchanges will be responsible for fulfilling their obligations to prevent money laundering and terrorist financing. In addition, exchanges will be required to establish a program that complies with the law by appointing a compliance officer within one month. Banks and financial institutions will have to get approval from senior managers before establishing business relationships with cryptocurrency exchanges. The new regulations aim to increase the transparency and reliability of the sector.
New Obligations in Cryptocurrency Transfers
New regulation: 15 thousand Turkish lira and above cryptocurrency transfersobliged exchanges to verify sender information. This information includes the sender’s name, surname, trade registry record and wallet address. Recipient information will be recorded, but verification will not be mandatory.
New rules also come into play in transfers between cryptocurrency exchanges. If the receiving exchange cannot verify the sender information, it will refund the transfer. These measures have been taken to prevent money laundering and illegal financing.
Authentication and Compliance Programs Have Become Mandatory
Cryptocurrency service providerswill have to meticulously verify the identity of its customers. Credentials Ministry of the InteriorIt will be confirmed through ‘s Identity Sharing System. In addition, remote authentication can only be used when permitted by legislation.
All cryptocurrency exchanges must appoint a compliance officer and establish compliance programs within one month. Exchanges currently operating are obliged to complete the identity verification processes of their existing customers within four months.
The regulation also requires that the first deposit and withdrawal transactions of customers who sign up with remote authentication be made only through a bank account compatible with their identity information.
new regulations cryptocurrency marketIt stands out as an important step towards ensuring legal order and reliability in Turkey. These measures are planned to both reduce money laundering risks and ensure transparency among market actors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
