New AML Rules in Turkey Set $425 Threshold for $170 Billion Crypto Sector

Turkey’s updated cryptocurrency regulations, unveiled in late‍ 2018,‌ established a threshold of $425 for the $170 billion cryptocurrency market. Drawing inspiration from global standards like the European Markets in ⁣Cryptoassets (MiCA), it was noted in a report announced on December 25, 2017, within the Official Gazette of the Republic of Turkey⁤ that ⁣for transactions exceeding 15,000 Turkish lira (roughly $425), users will need to verify their identity.‌ Important​ details for Crypto Service Providers are outlined accordingly.