• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: Prison for No KYC? Turkey’s New Crypto Law Sparks Global Debate
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > Prison for No KYC? Turkey’s New Crypto Law Sparks Global Debate
Crypto News

Prison for No KYC? Turkey’s New Crypto Law Sparks Global Debate

vitalclick
Last updated: December 25, 2024 5:30 pm
5 months ago
Share
SHARE

The global crypto scene is booming, with Bitcoin touching its ATH in December breaking the historic target of $100k this year the interest in crypto assets is bound to increase. While countries are setting a softer crypto tone, Turkey has passed a law requiring cryptocurrency users to provide identification data for transactions exceeding $425. Interestingly, anyone in Turkey caught not doing KYC will have a prison sentence of up to 25 years for money laundering. The country is not compromising on its user safety and steps like this show they are open to digital assets yet keep a hawk eye on crypto usage. Will this move backfire? Let’s see how it will impact the investors. 

In 2023, Turkey introduced its first legal framework for cryptocurrencies. This move has created a more secure and structured environment for investors, addressing long-standing concerns about trust and reliability in the market. Turkey is currently the fourth-largest crypto market globally, with a trading volume reaching $170 billion, surpassing Russia and Canada (as of September 2023).

Salim Karaman, CEO of BtcTurk, highlighted that these regulations are capturing investor attention and encouraging digitalization through tokenization projects. 

Growing Interest from Investors

The approval of Bitcoin spot ETFs in the U.S. has had a ripple effect globally, inspiring more Turkish investors to explore crypto markets. Kutluhan Akcin, Turkey’s country manager at Bybit, noted that the country’s Capital Markets Board (SPK) has established a list of approved crypto platforms. This provides a much-needed layer of security for investors, ensuring they can trade on reliable and legal platforms. With uncertainties around the legal framework fading, both individual and institutional investors are showing greater confidence in Turkey’s crypto market.

Rising Trading Volumes and Institutional Growth

Despite strict laws, Turkey has seen an increase in its trading activity. OKX Turkey, for example, reported an impressive $2.5 billion in transactions since its launch in February 2024. CEO Mehmet Camir described 2024 as the “year of adoption” for crypto, with growing interest from institutional players such as pension funds and corporate treasuries. These developments underscore Turkey’s position as the largest crypto market in the Middle East and North Africa.

A Bright Future for Crypto in Turkey

Experts agree that Turkey’s regulatory framework is a game-changer for the crypto industry. By creating an organized and trustworthy environment, the country is paving the way for increased institutional investments and a wider user base. With its strategic location and growing market activity, Turkey is set to become a key player in the global crypto space, fostering optimism for 2025 and beyond.

The regulation also extends to unregistered wallet addresses, mandating exchanges to collect complete information before processing transactions. Transactions lacking sufficient information may be classified as “risky” and temporarily suspended. 

You Might Also Like

SEC To ‘Probably’ Appeal XRP Programmatic Sales Ruling In Ripple Case

Breaking News: Trump Move That Could Undermine Pump, Will Cryptocurrencies Fall? The Second Cambridge Analytica?

Vitalik Buterin Talked About the Future of These Crypto Projects

MicroStrategy Buys 10,107 Bitcoin For $1.1 Billion

Altcoins Outperform Bitcoin and Ethereum ; Is a Market Shift Underway?

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article Trending Cryptocurrencies in 2024, Annual Performance of 20 Categories
Next Article Russia Now Gives Good News for Cryptocurrencies
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?