Turkey's Ministry of Finance has announced plans to strengthen oversight of cryptocurrency transactions in a bid to combat money laundering.
Tightening Control Over Crypto Transactions
The Ministry of Finance of Turkey is implementing new measures to oversee cryptocurrency transactions. Crypto service providers will be required to monitor the sources of funds and the purposes of crypto transfers. Each transaction will necessitate a minimum 20-character explanation from the user.
New Limits on Transfers and Withdrawals
Restrictions have been introduced for stablecoin transfers, setting daily and monthly limits at $3,000 and $50,000, respectively. These measures aim to prevent illicit outflows of funds, including proceeds from illegal betting and fraud. Compliant platforms may apply for double the limits provided they meet the travel rule requirements.
Accountability of Crypto Platforms for Compliance
Platforms that fail to meet the new compliance standards may face administrative, legal, and financial penalties, including denial or revocation of their licenses. Finance Minister Mehmet Şimşek emphasized that the goal of these measures is to prevent the outflow of illicit funds without restricting legitimate crypto activities.
These new regulations reflect Turkey's commitment to tightening control in the cryptocurrency sector and aim to protect the economy from money laundering.
