Turkey Tightens Crypto Rules
Turkey Tightens Crypto Regulations: Increased Scrutiny and New Limits
Turkey is significantly tightening its cryptocurrency regulations, marking a notable shift in its approach to the digital asset market. These changes aim to curb illicit activities like money laundering and fraud linked to illegal gambling and betting.
Key Changes in Turkish Crypto Regulations:
- Enhanced Transaction Monitoring: Platforms are now required to collect detailed information on the source and purpose of each crypto transfer, including mandatory transaction notes of at least 20 characters. Withdrawal delays of up to 48 hours (72 hours for first-time withdrawals) are also implemented, especially when the Travel Rule doesn't apply.
- Stablecoin Transfer Limits: Daily stablecoin transfers are capped at $3,000, with a monthly limit of $50,000. Platforms complying fully with Travel Rule standards (collecting complete identity details) can double these limits.
- Increased Capital Requirements: Crypto exchanges must now maintain a minimum capital of $4.1 million, while custodians need $13.7 million. Stricter criteria apply to platform executives and shareholders, demanding greater transparency.
Finance Minister Mehmet Şimşek stated that these measures are designed to "prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions." Non-compliant platforms face administrative, legal, and financial penalties.
Alignment with Global Standards:
These new regulations bring Turkey closer to international crypto standards, such as the EU's MiCA framework. They build upon March 2025 reforms by the Capital Markets Board (CMB), which granted the board extensive authority over crypto asset service providers (CASPs).
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Source: Official Gazette