A WAITING PERIOD HAS BEEN INTRODUCED FOR CRYPTOCURRENCY TRANSACTIONS
The Financial Crimes Investigation Board (MASAK) has introduced new measures regarding the relationships of cryptocurrency asset service providers with their customers.
According to the regulation published in the Official Gazette and coming into effect today, cryptocurrency withdrawal transactions made through cryptocurrency asset service providers will be subject to a waiting period of at least 48 hours. If the user is making a cryptocurrency withdrawal for the first time through the platform, this period will be applied for at least 72 hours.
This rule will come into effect when a user wishes to send cryptocurrency to wallet addresses that are not registered with any cryptocurrency asset service provider or to a foreign service provider that is not obligated to share sender-receiver information.
Limits have also been introduced for stablecoin transactions
On the other hand, limits have been set for stablecoin transactions. Accordingly, there will be a daily limit of $3,000 and a monthly limit of $50,000 for stablecoin withdrawal transactions. These limits can be doubled if the travel rule is complied with.
The new measures also require that for all cryptocurrency transfer transactions on the platforms, customers must enter a transaction description of at least 20 characters regarding the nature of the transaction.
Sources from the Ministry of Treasury and Finance mentioned these measures in a statement to AA a few days ago, stating that the aim is to prevent the laundering of proceeds obtained from crimes such as illegal betting and fraud through cryptocurrency accounts.
