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Turkey was set up to introduce new rules for cryptocurrency platforms aimed at reducing financial crime and preventing illegal flow of money.
According to a June 24 Report Anadolu Agencyplanned changes will demand from a crypto of companies to collect more detailed information on each transmission.
Users will need to Explain the source of means and the reason for the transmission. Each transaction must contain a short message of at least 20 characters explaining its purpose.
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The second part of the proposal Includes delays for certain withdrawal of cryptocurrencies. If the transfer does not fulfill the standards of the travel rules, which include sharing the sender and the details of the receiver, the platforms will need to retain funds for a specified period.
Most withdrawal will be subject to a 48-hour waiting, while the first withdrawal from the new account will delay 72 hours.
The Ministry of Finance and Finance stated that it aims to prevent the use of cryptocurrencies for illegal activities by installing restrictions on stable transfers. Daily transfers would be limited to $ 3000with a monthly maximum of $ 50,000.
However, Platforms that meet the full requirements of travel rulesBy checking both sender and receiver, there will be allowed to offer larger limitsup to a double standard amount.
Meanwhile, Hong Kong -Diva Customs and excise Department recently developed a tool for monitoring suspicious cryptocurrency transactions. What did the Assistant Commissioner Mario Wong Ho-Yin said about it? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
Considering the decade of experience in Fintech industry, Aaron understands all the biggest questions and struggles that cryptocurrency lovers face. He is an avid analyst who deals with the content based on data and facts, as well as the one who speaks to the web3 natives and the newcomer in the industry.
Aaron is a person for everyone and for all related to digital currencies. With a huge passion for Blockchain & Web3 education, Aaron tries to transform the space the way we know it and make it more affordable to complete beginners.
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