The Turkish Treasury announced a new regulatory package aimed at increasing transparency and control over cryptocurrency transactions.
New Regulatory Measures
Treasury Minister Mehmet Şimşek announced a new regulatory package targeting cryptocurrency asset service providers. The primary aim of these measures is to enhance transaction transparency and oversight.
Combating Money Laundering
According to statements from the Ministry of Treasury and Finance, the new regulations will bolster the traceability of criminal proceeds derived from illegal betting and fraud. Crypto platforms will be required to disclose information regarding the source and purpose of the funds involved in transactions. There will also be a mandatory transaction description of at least 20 characters.
Withdrawal Restrictions
Among the new measures are restrictions on cryptocurrency withdrawals. Specifically, withdrawals can only be made 48 hours after purchase or exchange, and for first transactions from a new account, this period will be at least 72 hours. Additionally, daily limits will be imposed on stablecoin transfers, capped at $3,000 per day and $50,000 per month.
The new regulatory measures in Turkey aim to enhance control over cryptocurrency transactions and prevent money laundering while not affecting legitimate uses of cryptocurrency.
