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Turkey Proposes Stricter Regulations on Crypto Transactions to Combat Financial Crime

Turkey’s Ministry of Treasury and Finance is tightening regulations on crypto asset service providers to enhance transparency and curb illicit financial activities.

Summary

Turkey's Ministry of Treasury and Finance is tightening regulations on crypto asset service providers, requiring detailed transaction information and imposing a 48-hour withdrawal delay. New limits include a $3,000 daily cap and a $50,000 monthly limit for stablecoins, aimed at preventing illicit financial flows while allowing legitimate activities to continue.

Terms & Concepts
  • Travel Rule: A regulatory requirement that mandates financial institutions to collect and share information about the parties involved in a transaction.
  • Crypto Asset Service Providers (CASPs): Entities that provide services related to cryptocurrencies, including exchanges and wallet providers.
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value by pegging it to a reserve of assets, such as fiat currency.