Turkish authorities are preparing a new set of measures aimed at combating money laundering through cryptocurrencies. The country’s Ministry of Finance and Treasury plans to enhance control over crypto services, particularly in light of growing illegal betting and online fraud. The agency has disclosed the core elements of the upcoming regulation, including temporary withdrawal restrictions and stablecoin limits.
New Obligations for Crypto Services
According to an official statement, the Ministry will require all cryptocurrency platforms (Crypto Asset Service Providers, KVHS) to provide detailed information on the purpose and source of funds involved in transactions. For each transaction, users will be required to submit an explanation of no less than 20 characters in length.
Withdrawal Restrictions Without Travel Rule Compliance
Restrictions will apply to cryptocurrency withdrawals when the “Travel Rule”, which mandates the transmission of identifying data of the parties involved, is not followed. In such cases, a time barrier will be imposed: users will only be allowed to withdraw assets at least 48 hours after purchase, exchange, or deposit. If it is the first withdrawal from a given account, the waiting period will be a minimum of 72 hours.
For stablecoin transfers, a daily limit of $3,000 and a monthly limit of $50,000 will be set. Platforms that fully comply with the Travel Rule, including providing the sender’s and recipient’s full name, address, and date and place of birth, will be allowed to double these limits.
Restrictions Will Not Affect Legal Market Participants
Finance Minister Mehmet Şimşek stated that the regulation targets illicit schemes without restricting legitimate crypto activity. Market participants engaged in providing liquidity, market making, or arbitrage between platforms will be able to operate without the new limits, provided they document the origin of their funds. Platforms themselves will be responsible for ensuring compliance with the requirements.
Şimşek emphasized that failure to comply with the new rules will result in administrative and financial penalties, including denial or revocation of licenses. According to him, full compliance with the new standards is critical for both user security and the protection of the financial system.
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