Turkey Introduces Stricter Cryptocurrency Regulations
Turkey’s Finance Ministry has announced enhanced cryptocurrency regulations aimed at improving oversight and preventing financial crimes. The new rules require crypto platforms to gather comprehensive details on transactions, including the origin and purpose of each transfer, along with a mandatory 20-character description.
Key Changes in Turkey’s Crypto Rules
The updated regulations introduce several important measures:
- Withdrawal delays: 48 hours for standard transactions, 72 hours for initial withdrawals.
- Limits on stablecoin transfers: Daily and monthly caps to prevent illegal fund movements.
- Exceptions for legitimate activities like liquidity provision and market making.
Turkey Aligns With International Crypto Standards
These changes bring Turkey’s crypto regulations closer to global frameworks such as the EU’s MiCA. The Capital Markets Board (CMB) has established rigorous requirements for crypto asset service providers (CASPs), including minimum capital requirements.
Official Perspective on Regulatory Changes
“These measures are designed to deter misuse while supporting lawful crypto operations,” stated Mehmet Şimşek, Turkey’s Treasury and Finance Minister. Platforms failing to comply risk penalties, including potential license revocation.
