Turkey is tightening controls over cryptocurrency operations as part of its efforts to combat crime related to illegal betting and fraud. The Finance Minister has announced new measures aimed at limiting the laundering of money through cryptocurrency.
Plans for Implementing New Control Measures
Finance Minister Mehmet Şimşek shared information about the country's plans to introduce restrictions on cryptocurrency transactions. According to a report from the state news agency Anadolu, limits on transfers and delays in withdrawals will be implemented.
Withdrawal Limitations and New Rules
Withdrawals will face a delay of 48 to 72 hours depending on the application of the so-called 'travel rule.' This rule requires cryptocurrency service providers to verify and exchange information about the sender and recipient of a virtual asset. Şimşek noted that a cap of $3,000 per day and $50,000 per month will be established for stablecoin transfers, although platforms meeting full travel rule requirements may offer higher limits.
Goals and Expectations from the New Regulations
The goal of this initiative is to curb criminal misuse of cryptocurrencies without hindering legitimate activities. Şimşek emphasized that a space for legitimate cryptocurrency operations will be maintained. The Finance Ministry plans to implement these changes soon.
The measures reflect Turkey's commitment to stricter regulation of the cryptocurrency sector to ensure transparency and legality in financial operations.
