Turkey is set to implement stricter regulations on cryptocurrency transactions to combat money laundering and other financial crimes. This initiative has been reported by the state-run Anadolu Agency. Under the new rules, cryptocurrency platforms will be required to gather extensive details about the transactions they process. This includes requesting users to provide the source of their funds and the purpose behind each transfer.
Additionally, users will be mandated to include a transaction note of at least 20 characters for every cryptocurrency transfer. The regulations will not only focus on reporting but will also introduce restrictions on the withdrawal process. Specifically, if the Travel Rule is not complied with—meaning full sender and recipient information is absent—withdrawals will be delayed. Generally, withdrawals will be on hold for 48 hours, while first-time withdrawals from new accounts will face a 72-hour wait.
These measures are part of a more extensive strategy by the Ministry of Treasury and Finance to enhance oversight of cryptocurrency asset service providers (CASPs). Furthermore, limits on stablecoin transactions are being introduced to hinder the flow of illicit funds, particularly those associated with fraud and illegal betting. Users will be allowed only $3,000 per day and $50,000 per month in stablecoin transfers. However, platforms adhering to the Travel Rule and collecting complete sender and recipient details may offer higher limits.
Minister Mehmet Şimşek emphasized that the aim of these regulations is to prevent criminal activities without adversely affecting legitimate users. He also warned that non-compliant platforms could face penalties ranging from fines to license cancellations. Some transactions, such as market making and arbitrage, will be exempt from these new limitations, provided that users can verify the source of funds. Overall, these new regulations build on Turkey’s previous efforts to regulate its cryptocurrency sector, aligning its rules with global standards, including the EU’s Markets in Cryptocurrency-Assets (MiCA) framework.