New stringent regulations are on the horizon for Turkish crypto users. Once enforced, crypto platforms will be forced to collect detailed information on the origin and purpose of every transfer.
According to reports from Turkey’s state-run Anadolu Agency (AA), the Ministry of Treasury and Finance is driving these stricter regulations as part of efforts to combat money laundering and financial crime. A key component of the new rules will be the mandatory collection of a transaction description of at least 20 characters for each transfer.
In addition to transaction descriptions, platforms will be required to impose holding periods on crypto withdrawals, especially when the “Travel Rule” does not apply. These include a 48-hour delay for most withdrawals and a more extended 72-hour delay for the first withdrawal from any new account.
The ministry also plans to introduce daily and monthly limits on stablecoin transfers. These limits, set at $3,000 per day and $50,000 monthly, are designed to prevent the rapid outflow of illicit funds, particularly those linked to illegal betting and fraud. Platforms that fully comply with Travel Rule obligations, which involve collecting comprehensive sender and recipient identity details, may be permitted to apply these limits at double the standard threshold.
Treasury and Finance Minister Mehmet Şimşek affirmed that the objective of these regulations is to curb criminal misuse of cryptocurrencies without stifling legitimate activity. He stated that “Left-wing space for legitimate crypto asset activities will be maintained.”
The new rules also come with serious penalties for non-compliance, including administrative fines, criminal sanctions, and potential denial or cancellation of licenses for platforms that fail to adhere to the regulations. However, transfers related to liquidity provision, market making, and arbitrage will be exempt from these limits, provided users can prove the source of funds and the activities are monitored under the platform’s responsibility.
These proposed regulations are part of Turkey’s broader strategy to align its crypto policies with global frameworks, such as the European Union’s Markets in Crypto-Assets (MiCA) regulation. In March, Turkey’s Capital Markets Board (CMB) introduced comprehensive licensing and operational rules for Crypto Asset Service Providers (CASPs), granting the CMB full regulatory authority over crypto exchanges, wallet providers, and custodians. This includes strict requirements for executive backgrounds, shareholder structures, and minimum capital thresholds, with crypto exchanges needing at least $4.1 million in capital and custodians $13.7 million.
While these measures are expected to enhance investor protection and combat financial crime, they are part of a broader, accelerated crackdown by Turkey’s Ministry of Treasury and Finance, signalling a clear intent to exert greater control over crypto asset service providers and users.
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