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Turkey Sets $425 ID Requirement for Crypto Transactions in 2025 as Bitcoin Hits $100K
Dec 25, 2024, 12:30 PM
Turkey has introduced new regulations for cryptocurrency transactions, set to take effect on February 25, 2025. These regulations mandate that users provide identification for transactions exceeding $425, aimed at combating money laundering and terrorism financing through an AML law. The move has been met with optimism from the crypto industry in Turkey, with experts citing increased reliability and investor confidence in the cryptocurrency ecosystem. Crypto providers must collect data or risk halting 'risky' transfers. Bitcoin, which recently surpassed $100,000, has been a focal point of this regulatory shift, contributing to Turkey's emergence as a regional hub for digital assets.
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