Turkey tightens crypto rules with source, purpose checks on transfers

Turkey is preparing to impose stricter regulations on crypto transactions to combat money laundering and financial crime, according to information obtained by the state-run Anadolu Agency (AA).

Under the proposed measures, crypto platforms will be required to collect detailed information on the origin and purpose of every transfer. Users will need to provide a transaction description of at least 20 characters for each transfer, AA said in a Tuesday report.

In addition to transaction descriptions, platforms will be required to apply holding periods on crypto withdrawals when the Travel Rule does not apply. These include a 48-hour delay for most withdrawals and a 72-hour delay for the first withdrawal from any account.

The regulations are part of a broader crackdown by the Ministry of Treasury and Finance, which is accelerating its oversight of crypto asset service providers (CASPs).

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Daily and monthly limits on stablecoin transfers

According to the report, the ministry will also introduce daily and monthly limits on stablecoin transfers to prevent the rapid outflow of illicit funds, especially from crimes like illegal betting and fraud. Users will be limited to $3,000 per day and $50,000 per month.

Platforms that fully comply with Travel Rule obligations, including the collection of full sender and recipient identity details, will be permitted to apply these limits at double the threshold.

Treasury and Finance Minister Mehmet Şimşek told AA that the goal is to curb criminal misuse without stifling legitimate activity. “Left-wing space for legitimate crypto asset activities will be maintained,” he said.

“In addition to administrative sanctions, various legal and financial sanctions, including denial of license or cancellation, may be imposed on platforms that do not comply with the new regulations,” Şimşek said.

Notably, transfers related to liquidity provision, market making, and arbitrage (where users can prove the source of funds) will be exempt from the limits provided they are monitored under the responsibility of the relevant platform.

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Turkey to align crypto rules with global standards

The recent proposed rules mark one of Turkey’s most comprehensive steps to align its crypto regulations with international standards, including frameworks such as the European Union’s Markets in Crypto-Assets (MiCA) framework.

In March, Turkey’s Capital Markets Board (CMB) introduced licensing and operational rules for CASPs. The framework grants the CMB full authority over crypto exchanges, wallet providers, and custodians, aligning national oversight with global regulatory standards.

Turkey’s new rules target crypto exchanges. Source: CointelegraphThe rules set strict requirements for establishing CASPs in Turkey, including criteria for executive backgrounds, shareholder structures, and minimum capital thresholds. Crypto exchanges must hold at least $4.1 million in capital, while custodians need $13.7 million.

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