Türkiye Strengthens Anti-Money Laundering Standards For Crypto Assets

Following the legal framework established for crypto assets and crypto asset service providers ("CASPs") under the Capital Markets Law No. 6362 ("CML") and the resolutions of the Capital Markets Board ("CMB") dated 8August2024 and 19September2024, significant amendments have been introduced in the legislation of the Financial Crimes Investigation Board ("MASAK") as published in the Official Gazette dated 25December2024, with regards to the classification of CASPs as "financial institution", required sender and recipient information in crypto asset transfers, and the obligations imposed on CASPs such as compliance programs, e-notifications, know your client (KYC) and remote identification requirements. Accordingly, it has become mandatory for CASPs to verify the sender's information for all transactions amounting to TL15,000 or more, and CASPs intermediating the trading or custody of privacy-based crypto assets are prohibited from conducting remote identification.