Turkey is preparing to implement new regulatory measures on cryptocurrency transactions aimed at combating money laundering and financial crimes. These new rules affect both platforms and users of crypto assets.
New Requirements for Crypto Platforms
According to information obtained from state-run Anadolu Agency (AA), 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.
Limits on Stablecoin Transfers
The ministry will also introduce daily and monthly limits on stablecoin transfers to prevent the rapid outflow of illicit funds. Users will be limited to $3,000 per day and $50,000 per month. Platforms that fully comply with Travel Rule obligations will be allowed to apply these limits at double the threshold.
Alignment with International Standards
The proposed rules mark a significant step for Turkey in aligning its cryptocurrency regulations with international standards. The Ministry aims to ensure oversight of crypto asset service providers while enhancing protection against financial crimes and violations.
The introduction of these measures reflects Turkey's commitment to adapting its crypto infrastructure to international standards while ensuring the legitimate use of crypto assets.
