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Homepage > News > Finance > Turkey steps up ‘crypto’ AML rules; Malaysia targets Bybit Turkey has implemented a new regulatory framework for the digital asset sector, which will take effect in February. The new regime, which tightens anti-money laundering (AML) regulations and enforces the licensing framework, comes at a time when Europe’s MiCA framework is taking effect.  Elsewhere, Malaysia has stepped up its digital asset crackdown on unlicensed operators, with Atomic Wallet and Bybit the latest to face the securities watchdog’s wrath. Turkey’s renewed ‘crypto’ regulations Despite being one of the world’s largest digital asset markets, Turkey has long relied on vague and ambiguous regulations designed for traditional finance. However, in June 2024, the country’s parliament voted for the “Bill on Amendments to the Capital Markets Law,” which included a new ‘crypto’ framework. This bill will take effect in late February. Its primary target is a crackdown on illicit financial transactions that rely on regulatory ambiguity in the digital asset sector. Under the new regime, signed into law by President Tayyip Erdogan, any Turk conducting a transaction worth more than 15,000 Turkish liras ($425) must share their identifying information with the virtual asset service providers (VASPs). Investors must also provide identifying information when they open new wallets with registered VASPs. VASPs are tasked with following up on this information from their users; in instances where they can’t access this information, they are advised to label the transactions as “risky,” allowing them to resort to “not performing the transfer or limiting the transactions made with the financial institution in question or terminating the business relationship.” The new regime also addresses licensing and operational requirements for VASPs, which largely mirror existing practices in traditional finance. Capital requirements, staffing and organizational obligations, and IT and cybersecurity standards are also addressed. The law appoints the Capital Markets Board as the watchdog for…

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Filed under: News - @ January 6, 2025 10:18 am