Regulatory measures targeting the crypto asset market in Turkiye continue unabated. With the new communiqué prepared by the Ministry of Treasury and Finance and published in the Official Gazette, the remote identity verification application in continuous business relationships between crypto asset service providers and their customers has now been made permanent.
Legal framework expanded
The regulation, published under the title “Regulation Amending the General Regulation of the Financial Crimes Investigation Board,” covers both traditional capital market actors and crypto asset service providers. The heading “remote identity verification in capital market transactions” in the current legislation has been expanded to “remote identity verification in capital market and crypto asset service provider transactions” with the amendment. As a result, remote identity verification in the crypto field is now legally defined in a clear manner.
Temporary provision made permanent
A provision that was previously applied on a temporary basis has been made permanent by the regulation. According to this provision, crypto asset service providers will conduct remote identity verification within the framework of the methods and security measures specified, as part of the ongoing business relationships they establish with their customers. The name, surname, date of birth, Turkish ID number, and address information obtained during identity verification will be verified through the Identity Sharing System (KPS) of the General Directorate of Population and Citizenship Affairs, affiliated with the Ministry of Interior.
This change enables both domestic and foreign crypto investors to access crypto service providers in Turkiye within a regulatory framework. Especially in today's world, where remote customer acquisition processes have become digital, this legal regulation is expected to make transactions faster and more secure for users who want to open accounts with crypto platforms.
