Key Takeaways
- The Turkish finance ministry is intensifying its efforts to deter money laundering.
- The stricter crypto rules will also target stablecoins with daily and monthly transfer limits.
- Turkey emphasizes its plans to implement regulations that align with international anti-money laundering standards.
The Turkish Finance Ministry plans to implement stricter crypto rules as a part of the government’s ongoing efforts to fight money laundering from fraud and betting.
According to an official statement from the ministry obtained by the media outlet Anadolu Agency, the Treasury and the Finance Ministry are stepping up their campaign against the laundering of illicit proceeds, adding that a new wave of regulations is in the pipeline targeting crypto asset service providers.
Mandatory Waiting Period
The statement, citing ministry officials, said that among a raft of upcoming measures would be a requirement for cryptocurrency platforms to collect detailed information about their users. This would include items such as the source of funds and the purpose of the cryptocurrency transfer. The statement added that the required information would consist of a minimum 20-character transaction description from the customer initiating the transfer.
The ministry further added that to prevent the rapid withdrawal and concealment of suspicious funds, such as those linked to online scams and illegal gambling, it would introduce a mandatory waiting period before users can make crypto withdrawals. Moreover, withdrawals emanating from platforms that do not adhere to the ‘travel rule,’ a global standard that requires that financial institutions share sensitive information, will be delayed by at least 48 hours. Also, a user’s first withdrawal would be subject to a minimum of 72 hours delay.
Bring Crypto Transactions into Proper Surveillance
The stricter crypto rules will also target stablecoins, with daily transfers capped at $3,000 and a monthly limit of $50,000. Cryptocurrency platforms that implement the travel rule, such as 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. The Turkish Finance Minister
Mehmet Şimşek added the stricter crypto regulation designed to bring crypto transactions into proper surveillance in line with the emerging nature of the digital asset ecosystem. He said that rules would also prevent the rapid international transfer of criminal proceeds. Şimşek stated:
“The full compliance of all platforms with their obligations is of critical importance for both user safety and the integrity of the financial system […] platforms that fail to comply with the new regulations may face administrative penalties, denial of licensing or even license revocation.”
Conclusion
The stricter crypto rules announced by the Turkish Finance Ministry are reportedly set to take effect soon. The Turkish government emphasizes it intends to implement regulations that align with international anti-money laundering standards. Only time will tell how the proposed stricter crypto rules will impact the crypto asset service providers and users within the country.
Frequently Asked Questions
Is Turkey crypto-friendly?
In Turkey, you can buy, trade, and own cryptocurrencies legally, but using crypto as a direct means of payment for goods and services is prohibited.
What are the rules for crypto in Turkey?
The regulations place a strong emphasis on safeguarding customer assets. When it comes to crypto platforms, customer assets must be stored separately from platform assets, while authorized custodians must hold at least 95% of customer crypto assets.
Is crypto tax-free in Turkey?
As there are no tax regulations applicable to crypto assets in Turkey, exchanges and custodian businesses that deal in crypto must follow the regular corporate tax for corporations.