Turkey to Implement Stricter Cryptocurrency Regulations

According to Foresight News, Cointelegraph reports that Turkey's Ministry of Finance is planning to enforce stricter cryptocurrency regulations to combat money laundering and financial crimes. The new rules will require crypto platforms to collect information on the source and purpose of each transaction, with users needing to provide a transaction description of at least 20 characters. Additionally, most withdrawals will face a 48-hour delay, while first-time withdrawals will require a 72-hour waiting period. The regulations will also impose limits on stablecoin transfers, with ordinary users having a daily limit of $3,000 and a monthly limit of $50,000. Platforms that fully comply with the "travel rule" can benefit from double these limits. Transfers related to liquidity provision, market-making, and arbitrage will be exempt from these restrictions under platform monitoring.