Turkey is preparing comprehensive measures to prevent the laundering of criminal proceeds through cryptocurrencies.
The Ministry of Treasury and Finance is set to implement new regulations targeting Crypto Asset Service Providers (CASPs) to tackle money laundering from illegal gambling and fraud activities. Under these regulations, crypto platforms will be required to obtain transaction explanations of at least 20 characters clarifying the purpose of the transactions and the origin of funds. Additionally, time restrictions will be applied to withdrawals not subject to the travel rule, requiring users to wait at least 48 hours after purchases, exchanges, or deposits, and up to 72 hours for initial withdrawals.
Stablecoin transactions will also face new limits aimed at preventing rapid money transfers linked to criminal activity, with daily transfers capped at $3,000 and monthly transfers at $50,000. These limits could double for platforms that fully comply with travel rule obligations. However, users such as liquidity providers and market makers who document the source of their funds will be exempt from these limits.
Platforms that fail to comply will face stringent penalties. Minister Mehmet Şimşek emphasized that non-compliant platforms may face license denial or revocation. Turkey's steps align with global standards such as the EU’s MiCA regulation, enhancing reliability in the crypto asset ecosystem.
