Turkey's Ministry of Treasury and Finance announced new regulations aimed at strengthening oversight of cryptocurrency transactions to combat money laundering, especially illicit proceeds from illegal betting and fraud.
Key measures include: Crypto Asset Service Providers (CASPs) will be required to verify the source and purpose of funds for all crypto transfers. Users must provide a minimum 20-character explanation for every transaction to improve traceability.
Withdrawals for transactions where the "travel rule" does not apply will face time delays: 48 hours after purchase, exchange, or deposit, and 72 hours for first-time withdrawals. Stablecoin transfers will have strict daily and monthly limits of $3,000 and $50,000, respectively, designed to curb illicit fund outflows.
CASPs fully compliant with the travel rule may apply for double the transfer limits. Certain transactions related to market-making, arbitrage, and liquidity provision are exempt if occurring under regulated platforms with verifiable funds.
Platforms failing to comply risk administrative, legal, and financial penalties, including possible license revocation.
These steps are part of Turkey's broader effort to regulate the crypto sector, following earlier licensing and operational requirements imposed on exchanges, wallets, and custodians by the Capital Markets Board. The goal, according to Finance Minister Mehmet Şimşek, is to prevent illicit outflows while not hindering legitimate crypto activities. Increased transparency will also require platforms to provide monthly account statements detailing all crypto assets bought, sold, or transferred.