Privacy in Crypto Wallets Faces New Challenges Starting February 25 – BitRss

Cryptocurrencies have significantly deviated from Nakamoto’s original philosophy over the years, morphing into a different entity. For most market participants, this deviation is insignificant as the primary goal remains profit-making. On February 25, major changes will take place in Turkey regarding the nature of blockchain, leading to a substantial reduction in anonymity for cryptocurrency wallets, a trend likely to be mirrored in regions like the US and EU.

The End of Anonymous Wallets

The US and EU have implemented various measures in this area. With the introduction of the Travel Rule, anonymity in decentralized wallets will be largely eliminated in Turkey as well. From February 25 onwards, users transferring amounts over 15,000 TL will be required to provide their identification details. For instance, if you transfer cryptocurrency worth 1000 USD from your MetaMask wallet to your local exchange account in Turkey, the exchange will need to know who owns the sending wallet.

Official Gazette

Ahmet Usta noted that new obligations under the Travel Rule will come into effect with an …