The regulations will require virtual asset service providers to collect and share sender or recipient identity details for non-compliant transfers
48-hour delay will be applied to most crypto withdrawals
Platforms must have a 20+ character transaction description, in addition to the origin and purpose of each transfer
Turkey’s Ministry of Treasury and Finance, led by Finance Minister Mehmet Şimşek, is implementing stricter measures to curb crypto-enabled money laundering. This especially relates to platforms that are linked to illegal betting and fraud.
The regulations will align with international standards and will require virtual asset service providers (VASPs) to collect and share sender or recipient identity details for non-compliant transfers.
Additional details say that a 48-hour delay is present and will be applied to most crypto withdrawals. That increases to a 72-hour delay for first-time withdrawals from any account, which is somewhat of a cooling-off period to deter illegal fund movements.
There are also limits on stablecoin transfers, with a daily cap of $3,000 and a monthly cap of $50,000. Interestingly, providers that fully comply w…
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