A New Era in Gold Trading: Identification Requirement is Coming

The Ministry of Treasury and Finance is enforcing a regulation that will require identity declaration for gold transactions exceeding 185,000 TL, effective January 1, 2025. This regulation is stated to aim at preventing illegal transactions.

Some analysts suggest that the declining prices in the gold market over the past two weeks could present an opportunity. Experts highlight that the recent regulation is a significant step in preventing illegal gold trading and asserts that the identity declaration will strengthen the control mechanism. It is emphasized that this decision is a timely measure to reduce illegal activities within the sector.

A warning to retailers: Trust is essential

Retailers are advised to exercise caution in light of this new regulation. The importance of building a mutual trust relationship with customers who are reluctant to declare their identity is highlighted, while it is expressed that establishing a healthy dialogue with customers and conducting transactions safely will positively contribute to both the retailers and the sector. Despite the challenges retailers may face in this new process, the regulation is expected to bring transparency to the sector in the long run.

Transparency and secure transactions are among the main objectives of this regulation. The Ministry of Treasury and Finance emphasizes that this step is crucial for both protecting investors and preventing illegal transactions. The regulation aims to make the financial system more reliable and compliant with international standards, thus establishing a stronger foundation for economic stability.