The Turkish Ministry of Treasury and Finance is set to introduce new regulations combating the laundering of criminal proceeds from illegal betting and fraud, through crypto asset transactions. The upcoming measures will impose stricter regulations on Crypto Asset Service Providers and establish new controls on crypto-related transactions.

Increased Oversight on Crypto Platforms

According to information shared with Anadolu Agency, the Ministry is preparing to tighten supervision of CASPs. One of the core provisions includes requiring crypto platforms to gather detailed information about the source and purpose of funds involved in crypto transactions. Platforms will also be required to collect descriptive memos of at least 20 characters from users during any crypto asset transfer. 

The goal is to ensure that transactions are traceable and prevent the anonymous movement of illicit funds. This move aligns with global standards for crypto regulation, maintaining transparency.

New Time Limits on Withdrawals Without Travel Rule Compliance

As part of its anti-money laundering framework, the Ministry will impose withdrawal restrictions on crypto assets that do not comply with the ‘travel rule.’ This rule requires detailed sender and recipient information, such as full name, wallet address, place and date of birth, and residence address. For transactions outside this compliance scope, a waiting period will be applied. Users will only be able to withdraw crypto assets 48 hours after a purchase, exchange, or deposit. In addition, for first-time withdrawals from account, a minimum 72-hour holding period will be enforced. These delays are designed to prevent the swift removal and concealment of illicit funds from the system.

Limits on Stablecoin Transfers

Another major aspect of the planned regulation is the introduction of daily and monthly caps on stablecoin transfers. These digital assets are commonly used to quickly move value across platforms. The new rules will enforce a daily transfer limit of $3,000 and a monthly ceiling of $50,000 for stablecoin transactions. 

However, CASPs in full compliance with the travel rule will be permitted to apply double these limits. The objective is to curb suspicious fund movements without disrupting legitimate crypto activity.

Preserving the Legitimacy of Crypto Use

Finance Minister Mehmet Şimşek emphasised that while the government is firmly preventing the misuse of crypto for illicit purposes, there must be space for legitimate activities. He noted that users engaged in activities such as liquidity provision or arbitrage, with verifiable income,, may be exempt from certain limits under strict supervision. 

Şimşek also warned that platforms failing to meet compliance standards might face serious consequences, including administrative, legal, and financial sanctions.