Turkey is preparing to implement new rules regarding cryptocurrency transactions in an effort to combat money laundering and financial crimes.
Tightening Control over Cryptocurrencies
According to information obtained from the state-run Anadolu Agency, Turkey requires crypto platforms to collect detailed information on the origin and purpose of each transaction. Users must provide a transaction description of at least 20 characters. Additionally, platforms will be mandated to impose waiting periods on crypto withdrawals when the Travel Rule does not apply, including a 48-hour delay for most withdrawals.
Limits on Stablecoin Transfers
The Ministry of Finance will also introduce daily and monthly limits on stablecoin transfers to prevent the rapid outflow of funds from illegal activities like betting and fraud. Users will be limited to $3,000 per day and $50,000 per month. Platforms fully complying with Travel Rule obligations will be allowed to double these thresholds.
Global Regulatory Trends in Cryptocurrency
Turkey's regulatory approach aligns with international trends, with 93% of Financial Stability Board members planning new or revised frameworks for crypto assets by 2025. This highlights Turkey's commitment to harmonizing its regulations with international standards.
The introduction of new regulations in Turkey signals a growing global trend toward stricter cryptocurrency oversight. These measures could impact other emerging markets and shape international standards for digital asset regulation.
