Under the new legislation published in the Official Gazette of Turkey and subsequently put into effect, some changes will be made to the processes of withdrawing and depositing crypto assets. These changes, made in accordance with Regulation No. 9305 published in Official Gazette No. 32763, are implemented to ensure that your transactions are carried out securely within the legal framework.
What is the Travel Rule?
The Travel Rule is a regulation developed by the Financial Action Task Force (FATF) that mandates the sharing of sender and recipient information for crypto transfers exceeding a certain threshold. This regulation provides a framework similar to anti-money laundering (AML) laws in the traditional banking system, ensuring that crypto asset service providers (VASPs) adhere to specific standards.
Requirements Imposed by the Travel Rule
1- Identity Verification: The identity details of individuals conducting crypto transfers must be verified.
2- Data Sharing: Sender and recipient information must be exchanged between the platforms handling the transaction.
3- Threshold Values: For transactions above the threshold set by FATF, providing this information is mandatory.
4- Compliance Obligation: Crypto exchanges and wallet providers must develop infrastructure that complies with the regulations.
The Travel Rule is very important in ensuring legal compliance in the crypto world. Its advantages include:
- Anti-Money Laundering and Terrorism Financing Prevention: It prevents malicious actors from using crypto assets for illegal purposes.
- Compliance with Regulations: It supports financial institutions and crypto service providers in meeting international regulatory standards.
- Secure Ecosystem: It allows users to perform crypto transfers in a more secure environment.
Travel Rule Compliant Crypto Transfers with EgeMoney
As of February 25, 2025, additional information will be required for all crypto asset withdrawal and deposit transactions conducted through EgeMoney. In this context, you will need to provide recipient or sender details during the transaction. This update only covers crypto asset withdrawals and deposits; fiat currency withdrawal transactions will not be affected by this regulation.
This regulation is being implemented in accordance with the new legal provisions published in the Official Gazette on December 25, 2024. Our aim is to continue providing EgeMoney services in full compliance with legal requirements and to ensure a reliable transaction experience for you.
For any questions, you can always contact our Support Team.
