The Turkish government announced plans to tighten cryptocurrency market regulation to increase control over transactions and prevent money laundering and other financial crimes. The new rules will affect crypto exchanges, users, and stablecoin operations, setting strict transparency requirements and transaction volume limits.
Under the draft regulations, cryptocurrency platforms will be obliged to collect detailed information on each transaction. Users must provide a description of the purpose and origin of the transfer, containing at least 20 characters. Additionally, mandatory waiting periods are introduced: 48 hours for standard withdrawals and 72 hours for the first transaction from a new account. These measures aim to increase transparency and reduce the risk of illegal operations.
The Turkish Ministry of Finance plans to set limits on stablecoin transactions: no more than $3000 per day and $50,000 per month. These restrictions are intended to prevent the rapid outflow of funds obtained illegally. However, transactions related to providing liquidity, market making, or arbitrage will be exempt from these restrictions, provided that the platforms can verify the legitimacy of the sources of funds.
Turkey's Minister of Finance and Treasury Mehmet Şimşek emphasized that the new rules are aimed at combating the use of cryptocurrencies for criminal purposes while maintaining opportunities for legitimate activities. "We aim to create a secure and transparent environment for the cryptocurrency market without stifling innovation and legitimate operations," Şimşek stated.
Crypto exchanges that violate the new requirements may face administrative and legal sanctions, including fines, denial of licensing, or its revocation. These measures underscore the determination of Turkish authorities to ensure compliance with the new standards.
The introduction of strict rules could impact the dynamics of the cryptocurrency market in Turkey, where digital assets are quite popular. The new measures are expected to increase market trust by strengthening oversight but may also increase operational costs for exchanges and complicate transaction processes for users. At the same time, the exemption of certain types of transactions from restrictions demonstrates the authorities' desire to support innovation in the sector.