Turkey to Enforce New Crypto Transfer Rules, Limits on Stablecoins
Turkey plans to implement stricter regulations on cryptocurrency transactions to address money laundering and financial crime. Proposed measures require crypto platforms to gather detailed information on transaction origins and purposes, including a minimum 20-character description for each transfer. Platforms must enforce holding periods for withdrawals, with a 48-hour delay for most and a 72-hour delay for first withdrawals. Daily and monthly limits on stablecoin transfers will be set at $3,000 and $50,000, respectively, to prevent illicit fund outflows. Compliance with Travel Rule obligations allows platforms to double these limits. Non-compliant platforms may face administrative and legal sanctions, including license revocation. Transfers related to liquidity provision and arbitrage may be exempt from limits if monitored. These regulations aim to align Turkey's crypto framework with international standards, following the introduction of licensing rules by the Capital Markets Board (CMB) in March, which established strict criteria for crypto asset service providers (CASPs).
