Turkey is planning new restrictions on cryptocurrency transactions in an effort to curb money laundering and other financial crimes, according to a report by the state-run Anadolu Agency.
Cryptocurrency platforms will be required to collect more details about transactions they handle. This will include asking users for the source of funds and the purpose of each transfer. Users will also need to add a transaction note of at least 20 characters for every cryptocurrency transfer.
The proposed rules go beyond just reporting. In cases where the Travel Rule isn’t triggered – meaning full sender and recipient information isn’t exchanged – platforms must delay withdrawals. Most withdrawals would be held for 48 hours, while first-time withdrawals from new accounts would be delayed for 72 hours.
The changes are part of a broader effort by the Ministry of Treasury and Finance to step up oversight of cryptocurrency asset service providers (CASPs).
Limits on stablecoin transfers
Turkish authorities are also introducing limits on stablecoin transactions to slow down the movement of illegal funds, especially those linked to fraud and illegal betting. Users would be restricted to $3,000 per day and $50,000 per month in stablecoin transfers.
Platforms that follow the Travel Rule and collect complete sender and recipient details may offer double the daily and monthly transfer limits.
Treasury and Finance Minister Mehmet Şimşek told Anadolu Agency that the intent is to stop criminal activity without hurting regular users. “Space for legitimate cryptocurrency asset activities will be maintained,” he said.
Şimşek added that platforms that fail to follow the new rules could face a range of penalties – including fines, licence denial, or cancellation.
Some types of transfers will be exempt from the new limits, including market making, liquidity provision, and arbitrage activities – but only if users can show where the funds came from and the platform keeps records.
Pushing cryptocurrency rules in line with global standards
The new measures build on earlier steps Turkey has taken to regulate the cryptocurrency sector. In March, the Capital Markets Board (CMB) rolled out licensing and operational rules for CASPs giving it full oversight of exchanges, wallet providers, and custodians.
The framework also introduced minimum capital requirements. Cryptocurrency exchanges must hold at least $4.1 million in reserves, while custodians need $13.7 million. There are also rules around executive backgrounds and shareholder structures.
Taken together, these steps mark one of Turkey’s most detailed efforts to bring its cryptocurrency regulations in line with global standards, including the EU’s Markets in Cryptocurrency-Assets (MiCA) framework.
(Photo by Michael Jerrard)
See also: CoinMarketCap users warned after fake wallet prompt appears
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