The Ministry of Treasury and Finance is taking comprehensive measures to prevent the laundering of proceeds obtained from crimes such as illegal gambling and fraud through cryptocurrencies.
Turkey is taking significant steps to impose stricter controls on cryptocurrency transactions. According to information obtained by Anadolu Agency, the Ministry of Treasury and Finance will soon implement new regulations regarding the activities of Crypto Asset Service Providers (CASP). These regulations aim to prevent the laundering of criminal proceeds.
Under the new rules, cryptocurrency platforms will require their customers to provide a transaction description of at least 20 characters indicating the purpose of the transaction and the source of the funds. Additionally, a time limit will be imposed on cryptocurrency withdrawal transactions that fall outside the scope of the 'travel rule.' Accordingly, users will be able to withdraw their assets no earlier than 48 hours after purchase, exchange, or deposit transactions; for withdrawals made from an account for the first time, this period will be extended to 72 hours.
Additional restrictions for stablecoins
To prevent the rapid outflow of criminal proceeds from the system, a daily limit of $3,000 and a monthly limit of $50,000 will be applied to stablecoin transfers. However, these limits can be doubled on platforms that fully comply with the travel rule obligations.
Minister of Treasury and Finance Mehmet Şimşek emphasized their determination to prevent the outflow of criminal proceeds abroad in a statement regarding the matter, saying:
"For example, cryptocurrency transfers made by users who document the source of funds for purposes such as liquidity provision, market making, or inter-market arbitrage can be conducted without being subject to limits, under the responsibility and supervision of the relevant platforms."
Sanctions against non-compliant platforms
Minister Şimşek stated that serious sanctions are on the agenda for platforms that do not comply with the new regulations. Administrative and financial sanctions such as denial of licensing or license revocation may be applied to platforms that act contrary to the rules.
Turkey's steps aim to enhance reliability in the cryptocurrency ecosystem in line with the European Union's MiCA (Markets in Crypto-Assets) regulations.
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