Turkey is tightening its oversight of cryptocurrencies, introducing daily limits and stricter source-of-funds checks to combat illicit activity.
According to reports from AA, Turkish Minister of Treasury and Finance Mehmet Şimşek announced a set of new provisions requiring crypto service providers to implement stricter verifications and operational restrictions.
The new rules mandate platforms to collect detailed information on every transaction made by users. Each transfer must be accompanied by a written explanation of at least 20 characters, specifying the purpose of the transaction. In parallel, operators will be required to verify the origin of funds involved in each operation.
According to government authorities, these measures aim to increase system transparency and facilitate the early detection of suspicious activities. The stated goal is to create a more controlled environment to discourage the use of cryptocurrencies for criminal or money laundering purposes.
Another change concerns withdrawal waiting periods for cryptocurrencies. Any digital asset purchased, traded, or deposited will be subject to a 48-hour hold before it can be withdrawn from the platform. For users making their first withdrawal, the waiting period will extend to a minimum of 72 hours. Authorities believe these delays will limit criminals’ ability to swiftly transfer illicit funds out of the system before they can be detected or blocked by regulators.
The Ministry has also imposed a $3,000 daily cap on stablecoin transfers, with a monthly limit of $50,000. According to the government, these restrictions are designed to prevent the rapid movement of large sums potentially tied to illegal betting, fraud, or other criminal proceeds. However, platforms that fully comply with the Travel Rule — requiring the collection of identifiable information on both the sender and the recipient — will be allowed to operate with double the standard limits.
Despite the scope of these new regulations, the Ministry clarified that the goal is not to stifle legitimate activity in the cryptocurrency sector. Şimşek specified that transactions related to market making, liquidity provision, and arbitrage will continue to be permitted without restrictions.
Finally, the Ministry issued a warning to platforms failing to comply with the new rules: penalties may include administrative sanctions, financial fines, or even the denial or revocation of operating licenses.
