Is this the end of easy crypto in Turkey? Here’s what’s changing

According to local media reports, the Turkish authorities plan to promote stricter monitoring of crypto transactions and require platforms to collect detailed information about the source and intention of each transfer.

The key change includes mandatory transaction notes of at least 20 characters. In addition, users can face downloads-in most cases up to 48 hours and 72 hours for the first selections.

This is especially in cases where the travel rule is not true.

On regulations, Turkish Finance Minister Mehmet şimşek said,

“We take new steps to prevent the washing of criminal income obtained from illegal bets and fraud through cryptocurrency transactions. Administrative, legal and financial sanctions will be deposited on unparalleled platforms.”

Stablecoin gears face new cap

As part of its sweeping cryptoviště, Turkey introduces solid ceilings to Stablecoin transactions to limit the illegal financial flows associated with fraud and illegal gambling.

Within the proposed framework, users will be limited to stablecoin transfers of no more than $ 3,000 per day and $ 50,000 per month.

Platforms that fully adhere to the standards of travel rules – by collecting complete identity data – can offer users double the limit.

One step closer to the global cryptome standards

Turkey’s efforts further harmonize its cryptal regulations with international benchmarks, especially the EU mica framework.

The latest proposals built in March reform Introduced by the Capital Markets Board (CMB) Council, which granted the regulatory sweeping of the Office over the providers of the Krypto Asset (CASP).

Source: Official Gazette

These include strict criteria for platform managers, transparency of shareholders and capital requirements. Stock exchanges in Turkey must now have a capital of at least $ 4.1 million, while administrators need $ 13.7 million.