Turkey tightens crypto rules with source, purpose checks on transfers
Turkey’s Finance Ministry plans new rules requiring crypto platforms to collect source and purpose data, with limits on stablecoin transfers.
Turkey is preparing to impose stricter regulations on crypto transactions to combat money laundering and financial crime, according to information obtained by the state-run Anadolu Agency (AA).
Under the proposed measures, crypto platforms will be required to collect detailed information on the origin and purpose of every transfer. Users will need to provide a transaction description of at least 20 characters for each transfer, AA said in a Tuesday report.
In addition to transaction descriptions, platforms will be required to apply holding periods on crypto withdrawals when the Travel Rule does not apply. These include a 48-hour delay for most withdrawals and a 72-hour delay for the first withdrawal from any account.