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Türkiye’s Financial Crimes Investigation Board (MASAK), the financial intelligence unit of Türkiye under the Treasury and Finance Ministry, has updated its guidelines for cryptocurrency service providers, introducing mandatory video calls for identity verification when users open accounts.
The regulation, which will take effect on March 13, 2025, replaces previous flexibility in verification methods and aims to strengthen anti-money laundering controls.
Under the updated framework, all new users registering with crypto platforms after March 13 will be required to complete a video-based identity verification process.
Previously, platforms could use either a liveness test—a method where users prove their presence in real time—or video calls.
Accounts opened between Dec. 25, 2024, and March 13, 2025, with liveness test verification, will remain valid without an additional video call.
However, users who registered before December 25, 2024, or after March 13, 2025, will have to undergo video verification to comply with MASAK’s updated standards.
MASAK clarified that the ultimate responsibility for verifying customer identities lies with cryptocurrency service providers, which include exchanges, custodians, and token issuers.
Even if third-party providers assist in the verification process, accountability will remain with the platforms themselves.
Legal experts noted that this removes prior uncertainty around customer onboarding.
Turkish cryptocurrency exchange Paribu’s Legal Counsel Aysu Duz said the new requirement removes previous ambiguity and will apply uniformly to all new accounts from March 13 onward.
The revised guidelines also detail obligations under the Travel Rule, an international standard requiring sender and recipient information to be shared during cryptocurrency transfers.
Platforms that store all client assets with a licensed custodian will be exempt from the Travel Rule obligations, though they will still be bound by other compliance duties.
Custodians will not sign separate agreements with platform users but must ensure that customer identity information is properly stored and accessible.
The changes are designed to tighten customer identity controls and reduce risks related to money laundering and illegal financing. For platforms, this will mean increased operational and legal responsibilities in compliance processes, while users will face stricter verification steps before opening accounts.
The regulatory changes coincide with Türkiye’s broader effort to formalize its crypto market.
In 2024, parliament amended the Capital Markets Law to place cryptocurrency service providers under the supervision of the Capital Markets Board, with secondary regulations published in March 2025 setting licensing, governance and custody requirements.
The legislation is intended to bring the sector into line with international standards set by the Financial Action Task Force (FATF).
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