It’s official—Turkey has introduced FATF-aligned Travel Rule regulations to its cryptocurrency framework! These updates mark a major milestone for the crypto industry in the region, strengthening transparency and security for digital asset transactions.
At Notabene, we’re proud to have collaborated closely with The Financial Crimes Investigation Board (MASAK) on shaping these groundbreaking regulations. As compliance leaders, we’re here to help you navigate what this means for your organization.
What You Need to Know
Note: This is a summary of the new guidelines. For a full picture of Travel Rule compliance in Turkey, please visit our comprehensive Turkey jurisdiction page, or schedule time for a free consultation with our regulatory experts.
Regulating Body and Regulated Entities
The Financial Crimes Investigation Board (MASAK), under the Ministry of Treasury and Finance, is the primary regulatory authority overseeing cryptocurrency in Turkey. MASAK is responsible for implementing anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, including the enforcement of the FATF-aligned Travel Rule. As such, Virtual Asset Service Providers (VASPs) in Turkey are required to register with MASAK and comply with its AML and CTF framework. Notably, MASAK has expanded the definition of regulated entities to include certain financial transactions and service providers, including e-commerce platforms and large-scale intermediary service providers.
Thresholds for Crypto Transfers
- Transfers ≥15,000 TL: Mandatory sender verification, including name, wallet address, and one identifier (e.g., citizenship number or passport number). Recipient verification is not required.
- Transfers <15,000 TL: Sender and recipient details must be included but don’t require verification.
Handling Missing Information
Crypto service providers must request missing details. Transfers with unresolved deficiencies will be returned or rejected, and persistent non-compliance could result in business restrictions.
Risk-Based Measures
VASPs must perform enhanced due diligence for high-risk transactions, collecting additional information and restricting transfers if necessary.
Unregistered Wallets
Transfers to and from unregistered wallets now require a customer declaration, ensuring all transactions comply with AML measures.
Implications for Compliance Teams
Businesses operating in Turkey must prepare for operational changes, such as:
✅ Updating systems to verify sender details for qualifying transactions.
✅ Implementing enhanced due diligence for high-risk transfers.
✅ Collecting declarations for unregistered wallet transactions.
What about VASPs outside of Turkey?
When dealing with foreign providers not obligated to share sender/recipient details, obtain customer declarations with similar identifiers. This means that non-Turkish VASPs will need to be prepared to respond to Travel Rule requests from any customers of Turkish VASPs, even if they are not operating in a regulated jurisdiction, or else face the potential of returned transfers, the rejection of future transactions or termination of business relationships.
Why It Matters
MASAK’s proactive measures create a more transparent and secure ecosystem for virtual assets, enabling trust between service providers and users. But with stricter requirements comes the need for robust compliance solutions.
💡 That’s where Notabene comes in. Our platform offers seamless compliance management, helping VASPs navigate these changes while reducing operational friction.
How is your team preparing for these changes?
To discuss how Notabene can support your compliance journey, schedule time for a free consultation with our regulatory experts
