Turkey to enforce stricter controls on crypto transactions to prevent money laundering

Turkey’s Ministry of Treasury and Finance is rolling out new regulations to strengthen oversight of crypto transactions.

Turkey’s Ministry of Treasury and Finance is stepping up efforts to combat money laundering through crypto. According to information obtained by Anadolu Agency, new regulations will soon be implemented to tighten oversight of crypto asset transactions.
Specifically, Crypto Asset Service Providers (CASPs) will be required to monitor the sources of funds and the purposes behind crypto transfers. All crypto transactions will have to include a minimum 20-character explanation from the user. For withdrawals where the “travel rule” does not apply, a time delay will be imposed — 48 hours after purchase, exchange, or deposit, and 72 hours for first-time withdrawals.
Additional restrictions will be applied to stablecoin transfers, with daily and monthly limits of $3,000 and $50,000, respectively. These limits are introduced to prevent illicit outflow of funds, especially proceeds from illegal betting and fraud. CASPs that fully comply with the travel rule requirements may apply double these limits.

Finance Minister Mehmet Şimşek stated that the goal is to prevent the outflow of illicit funds without restricting legitimate crypto activities. Transactions related to market-making, arbitrage, and liquidity provision, supported by verifiable fund sources, will be exempt from the new limits, provided they occur under the oversight of compliant platforms.

Platforms failing to meet the new compliance standards may face administrative, legal, and financial penalties, including denial or revocation of licenses.

These measures are part of Turkey’s broader push to tighten oversight of the crypto sector. In March, the Capital Markets Board introduced licensing and operational requirements for CASPs, granting the regulator full authority over exchanges, wallets, and custodians.

Under the new framework, crypto businesses must comply with stricter reporting and transparency standards, including issuing numbered transaction records that detail the type, quantity, and price of crypto assets, along with any associated fees or commissions. Additionally, platforms are required to provide customers with monthly account statements outlining all crypto assets bought, sold, or transferred.