Türkiye’s Financial Crimes Investigation Board (MASAK) has announced significant updates to its guidelines for cryptocurrency service providers, with a focus on enhancing identity verification processes. This new regulation, set to be implemented on March 13, 2025, will replace the previous flexible verification methods with mandatory video calls for all new users opening accounts on crypto platforms.
Under the revised framework, new users will be required to undergo a video-based identity verification process upon registration. This change marks a departure from the earlier practice in which platforms could utilize either a liveness test—where users demonstrate their presence in real-time—or opt for video calls. For those accounts that were opened between December 25, 2024, and March 13, 2025, using liveness tests, there will be no need for additional verification. However, users who registered before December 25, 2024, or after March 13, 2025, must complete the video verification to align with MASAK’s updated standards.
MASAK has emphasized that the primary responsibility for verifying customer identities still lies with the cryptocurrency service providers—such as exchanges, custodians, and token issuers. Even if third-party services assist in the verification process, the onus remains on the platforms to ensure compliance. Legal experts, including Aysu Duz, Legal Counsel at Turkish cryptocurrency exchange Paribu, have highlighted that the new requirement eliminates prior uncertainties surrounding customer onboarding processes, establishing uniform guidelines for all accounts created from March 13 onward.
The updated guidelines also address obligations tied to the Travel Rule, an international standard that mandates sharing sender and recipient information during cryptocurrency transactions. Notably, platforms that store all client assets with a licensed custodian will be exempt from certain Travel Rule obligations. However, they will still be required to meet other compliance responsibilities. Custodians are tasked with properly storing and maintaining accessibility to customer identity information without entering into separate agreements with platform users.
These regulatory changes are part of Türkiye’s broader initiative to formalize its cryptocurrency market. In 2024, the Turkish Parliament amended the Capital Markets Law to bring cryptocurrency service providers under the supervision of the Capital Markets Board. Following this, secondary regulations were released in March 2025, which introduced licensing, governance, and custody requirements. This legislative framework aims to align Türkiye’s crypto market with international standards established by the Financial Action Task Force (FATF), which seeks to mitigate risks related to money laundering and illegal financing.
As these changes come into effect, cryptocurrency platforms will face increased operational and legal responsibilities in compliance processes, while users can expect stricter verification steps when opening accounts.
