Türkiye cryptocurrency exchanges Important steps have been taken in the last few years and legal frameworks have been established for this purpose. Although we have not yet seen a new step for taxation, additional rules are being put into effect for investors using Türkiye-based stock exchanges. A new compliance guide has been published for the new obligations of the stock exchanges.
Cryptocurrency Rules Updated
With the regulation change announced in the official gazette on December 25, 2024, cryptocurrency exchanges were accepted as financial institutions. This brought about the obligation to comply with Obligations Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism, just like banks.
Global stock markets too FATF Within the scope of its rules, it requests KYC verification from its customers during registration. In some exchanges, just sending documents is considered sufficient, while others use methods such as face scanning, ID and video. Masak clarified the conditions for Türkiye-based cryptocurrency exchanges.
In the updated communiqué, many expanded rules are mentioned, including customer recognition and identification processes, as well as precautions to be taken in business relations with public figures.
Video Call Requirement
Identification is one of the most important topics of the last published communiqué. It is becoming mandatory for crypto asset service providers to provide identification for users to bank standards. It is now necessary to confirm that the identity information entered by customers into the system and the user are the same person via video call.
“The person concerned’s name, surname, date of birth, nationality, type and number of the identity document, address and signature sample, information regarding his job and profession, telephone number, fax number, e-mail address, if any, and in addition to this information, the TR ID number for Turkish citizens, and place of birth for non-Turkish citizens are collected.” – Masak
Confirmation of the accuracy of information regarding name, surname, date of birth, TR ID number (for Turkish citizens) and type and number of ID document cryptocurrency responsibility of the stock exchanges.
“With Article 35/C of Law No. 6362, crypto asset service providers It has been stipulated that the contracts they will make with their customers can be in written form or can be established through methods that will allow customer identity to be verified by using remote communication tools.”
The method to be applied will be designed to include all the information required for face-to-face identification and to pose a minimum level of risk in the confirmation of the information. It will not be mandatory to take a signature sample for remote identification.
In addition, the information provided by users will have to be verified from the official database, according to the warning in the notification. In this way, giving incorrect information and turning the process into a formality is prevented.
“The address and identity information obtained within the scope of identification, such as name, surname, date of birth and TR ID number, must be verified through the identity sharing system database of the Ministry of Internal Affairs, General Directorate of Population and Citizenship Affairs.”
The warnings in the communiqué are so detailed that even measures to be taken against deepfake technologies are mentioned.
“If the person’s face can be obtained from the identity document using near field communication, a biometric comparison of the photo on the contactless chip should be made, if not, the photo on the identity document should be compared and additional measures should be taken to prevent risks related to fake face technology. A disposable password specific to the identification process should be sent to the person through electronic communication operators, and if the transmitted password is approved in the system, the person’s mobile phone number should be verified.”
Exchanges will face administrative fines every time they fail to fulfill their obligations.
