The Finance Ministry is preparing to implement stricter oversight of cryptocurrency transactions as part of its ongoing efforts to combat money laundering, particularly from illegal betting and fraud, officials said Tuesday.
According to information obtained by Anadolu Agency (AA) from the Treasury and Finance Ministry, the government is stepping up its campaign against the laundering of illicit proceeds, with a new wave of regulations targeting crypto asset service providers.
Under the upcoming measures, platforms facilitating crypto transactions will be required to gather detailed information on the source of funds and the purpose of crypto transfers. All crypto asset transfers will need to include a minimum 20-character transaction description from the customer initiating the transfer.
To prevent the rapid withdrawal and concealment of suspicious funds, especially those linked to illegal gambling and online scams, the ministry will introduce a mandatory waiting period for crypto withdrawals. Withdrawals involving noncompliant platforms that do not follow the “travel rule” – an international standard requiring the sharing of personal information between financial institutions – will be delayed by at least 48 hours. For a user's first withdrawal from an account, this delay will extend to a minimum of 72 hours.
Stablecoin transfers – cryptocurrencies pegged to the value of another asset – will also face tighter controls. Daily transfers will be capped at $3,000, with a $50,000 monthly limit. Crypto platforms that fully comply with the travel rule, including collecting the sender’s and recipient’s full names, wallet addresses, residential addresses, and dates and places of birth, will be allowed to double those limits.
Finance Minister Mehmet Şimşek said the regulations aim to bring crypto transactions under proper surveillance in line with the nature of the digital asset ecosystem, while preventing the rapid international transfer of criminal proceeds.
Şimşek emphasized that the integrity of the financial system will be preserved and that legitimate crypto activity will not be hindered. He noted that users who document the source of their funds – particularly those engaging in liquidity provision, market making or arbitrage across exchanges – will be allowed to make transfers without being subject to the limits, provided these activities remain under the responsibility and monitoring of crypto platforms.
“The full compliance of all platforms with their obligations is of critical importance for both user safety and the integrity of the financial system,” Şimşek said, warning crypto asset service providers. “Platforms that fail to comply with the new regulations may face administrative penalties, denial of licensing or even license revocation.”
The new rules are expected to take effect soon, reinforcing Türkiye’s push to align its financial regulations with international anti-money laundering standards.
