Turkey is set to implement tougher regulations on cryptocurrency transactions to address money laundering and financial crimes, as reported by Anadolu Agency. The new rules will require crypto platforms to gather detailed information about the origin and purpose of each transfer, including a mandatory 20-character transaction description from users. Additionally, there will be enforced holding periods for withdrawals, with a 48-hour delay for most and a 72-hour delay for first-time withdrawals. The Ministry of Treasury and Finance aims to limit stablecoin transfers to $3,000 daily and $50,000 monthly to prevent illicit fund outflows. However, compliant platforms can double these limits. Minister Mehmet Şimşek emphasized the need to prevent criminal misuse while allowing legitimate activities to continue. Non-compliant platforms may face severe penalties, including license revocation. These regulations represent Turkey's significant effort to align its crypto laws with international standards, following the introduction of licensing rules for crypto asset service providers earlier this year. Read more AI-generated news on: https://app.chaingpt.org/news