Turkey’s Finance Ministry is set to impose stricter regulations on cryptocurrency transactions aimed at combating money laundering and financial crime. The proposed measures require cryptocurrency platforms to collect detailed information about the source and purpose of every transfer, demanding users to provide at least a 20-character description for transactions. Additionally, withdrawal delays will be enforced, with most crypto withdrawals facing a 48-hour hold and a 72-hour hold on first withdrawals from new accounts. There will also be daily limits of $3,000 and monthly limits of $50,000 on stablecoin transfers to mitigate illegal financial activities. However, exceptions will be made for transactions related to liquidity provision and arbitrage, provided they can demonstrate the source of funds. Platforms that adhere to these regulations will receive doubled transfer limits. The initiative is part of Turkey's broader effort to regulate the crypto sector in line with international standards and effectively monitor crypto asset service providers.

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