According to information obtained from the state-run Anadolu Agency (AA), Turkey is preparing to implement stricter regulations on cryptocurrency trading to combat money laundering and financial crimes.

According to the proposed measures, cryptocurrency platforms will be required to collect detailed information on the source and purpose of each transfer. AA reported on Tuesday that users will be required to provide a transaction description of at least 20 characters for each transfer.

In addition to the transaction description, platforms will also be required to implement holding periods for cryptocurrency withdrawals when travel rules do not apply. This includes most withdrawals being delayed for 48 hours, and any first-time withdrawal from an account being delayed for 72 hours.

These regulatory measures are part of a broader crackdown by the Ministry of Finance, which is accelerating oversight of cryptocurrency asset service providers (CASP).

According to the report, the Ministry of Finance will also introduce daily and monthly limits on stablecoin transfers to prevent the rapid outflow of illegal funds, particularly those from crimes such as illegal gambling and fraud. The daily limit for users will be $3,000, and the monthly limit will be $50,000.

Platforms that fully comply with the travel rule obligations, including collecting complete identity details of both the sender and receiver, will be allowed to apply these limits at double the threshold.

Finance Minister Mehmet Şimşek told AA that the goal is to curb criminal abuse without stifling legitimate activities. He stated, "The space for legitimate cryptocurrency activities will be maintained."

Şimşek added, "In addition to administrative sanctions, platforms that do not comply with the new regulations may also face various legal and financial penalties, including denial or revocation of licenses."

It is worth noting that transfers related to liquidity provision, market making, and arbitrage (where users can prove the source of funds) will be exempt from restrictions, provided they are monitored under the responsibility of the relevant platform.

The recently proposed rules mark one of Turkey's most comprehensive steps to align its cryptocurrency regulations with international standards, including frameworks such as the EU's Markets in Crypto-Assets (MiCA).

In March, Turkey's Capital Markets Board (CMB) introduced licensing and operational rules for CASPs. This framework grants the CMB full authority over cryptocurrency exchanges, wallet providers, and custodians, ensuring that national oversight aligns with global regulatory standards.

These rules set strict requirements for establishing CASPs in Turkey, including standards for executive backgrounds, shareholder structures, and minimum capital thresholds. Cryptocurrency exchanges must hold at least $4.1 million in capital, while custodians need $13.7 million.

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Original article: “Turkey Tightens Cryptocurrency Rules, Requires Source and Purpose Checks for Transfers”

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