#türkiye to Tighten Crypto Rules with Transfer Limits and Withdrawal Delays
Turkey is preparing to tighten its regulations on cryptocurrency transactions in a bid to combat money laundering and financial crime, according to a report from the state-run Anadolu Agency (AA).
Under the new proposals, crypto platforms will be required to collect detailed information about the origin and purpose of every transaction. Users must include a transaction description of at least 20 characters for each transfer, AA reported on Tuesday.
In addition to these disclosure requirements, platforms will be obligated to enforce holding periods on crypto withdrawals when the Financial Action Task Force’s Travel Rule is not applicable. These will include a 48-hour delay for most withdrawals and a 72-hour delay for the first withdrawal from any account.
The measures are part of a broader initiative by the Ministry of Treasury and Finance of Turkey to ramp up oversight of crypto asset service providers (#CASPs).
The report also revealed that the ministry will set daily and monthly limits on stablecoin transfers to prevent the quick outflow of illicit funds tied to activities such as illegal betting and fraud. Users will be capped at $3,000 per day and $50,000 per month in stablecoin transfers.