Turkey Takes Action to Combat Crypto-Facilitated Money Laundering
Turkey is stepping up efforts to regulate cryptocurrency transactions in a bid to prevent money laundering linked to illegal betting and fraud, Finance Minister Mehmet Simsek announced on Tuesday.
Posting on his official X (formerly Twitter) account, Simsek reaffirmed the government’s commitment to financial transparency by reposting a report from the state-run Anadolu news agency. The report outlines key crypto regulations that are expected to take effect soon.
Key Measures in Turkey’s New Crypto Regulations
According to the report, the Turkish government will introduce several major restrictions and compliance mechanisms for crypto transactions:
- Mandatory Waiting Periods: Withdrawals of crypto assets will be subject to a 48- to 72-hour waiting period if the travel rule is not applied.
- Transfer Limits on Stablecoins: Daily transfers will be capped at $3,000, with a monthly limit of $50,000.
- Strict Sanctions: Platforms that fail to comply with the new rules will face administrative, legal, and financial penalties.
“We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions,” Simsek said.
What Is the Travel Rule?
The travel rule is a key anti-money laundering (AML) regulation that requires virtual asset service providers (VASPs) to collect and share personally identifiable information (PII) about both the sender and the recipient of a transaction. These measures aim to enhance traceability and transparency across digital asset networks.
A Broader Push for Financial Integrity
The new crypto regulations are part of Turkey’s broader agenda to align with international AML standards. By enforcing stricter controls on digital asset platforms, the Turkish government aims to prevent criminal misuse of cryptocurrencies and strengthen the country’s financial oversight framework.
