Turkey is preparing to impose stricter regulations on crypto transactions to combat money laundering and financial crime, according to information obtained by the Anadolu Agency (AA) agency.
Under the suggested steps, crypto platforms are required to collect detailed information about the origin and purpose of each move. Users have to provide a description of the transaction of at least 20 characters for each move, AA Says In a Tuesday report.
In addition to transaction descriptions, platforms are required to apply periods of handling of crypto removal when travel rule does not apply. This includes a 48-hour delay for most departure and a 72-hour delay for the first departure from any account.
The regulations are part of a broader cracker of the Ministry of Treasury and Finance, which facilitates the administration of Crypto Asset (CASP) service providers.
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Sun -Sun and monthly stablecoin transfer limits
According to the report, the Ministry will also introduce the sun -and -monthly limits to Stablecoin transfers to prevent rapid flow of prohibited funds, especially from crimes such as illegal assessment and fraud. Users are limited to $ 3,000 per day and $ 50,000 per month.
Platforms that fully comply with the obligation of travel rules.
Treasury and Finance Minister Mehmet şimşek told AA that the goal was to prevent criminal misuse without preventing legitimate activity. “The left wing for legitimate crypto asset activities will be maintained,” he said.
“In addition to administrative penalties, various legal and financial penalties, including rejection of license or cancellation, may be imposed on platforms that do not comply with new regulations,” şimşek said.
Noteworthy, transfers related to the provision of liquidity, market manufacture, and arbitration (where users can prove the source of funds) can be avoided from the limits provided that monitors them under the responsibility of the platform.
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Turkey to align Crypto policies with a global standard
Recent suggested policies have marked one of Turkey’s most comprehensive steps to align crypto regulations with international standards, including frameworks such as European Union’s Crypto-Assets markets (MICA) Outline.
In March, Turkey’s Capital Markets Board (CMB) Introduced licensing and operational policies for casps. The framework provides the entire CMB authority to crypto exchanges, purse providers, and carers, which align the national administration of global regulatory standards.
The rules set strict requirements for the establishment of Casp in Turkey, including standards for executive backgrounds, shareholder structures, and minimum capital thresholds. Crypto exchanges should hold at least $ 4.1 million in capital, while carers need $ 13.7 million.
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