Turkey strengthens cryptocurrency regulation, verifying the source and purpose of transfers

ChainCatcher news, according to Cointelegraph, the Turkish Ministry of Finance plans to implement stricter cryptocurrency regulations to combat money laundering and financial crime. The new regulations require crypto platforms to collect information on the source and purpose of each transfer, and users must provide a transaction description of at least 20 characters. Additionally, most withdrawals will be subject to a 48-hour delay, while first-time withdrawals will need to wait 72 hours.

The new regulations will also set limits on stablecoin transfers: ordinary users will have a daily limit of $3,000 and a monthly limit of $50,000; platforms that fully comply with the "travel rule" can enjoy double limits. Transfers related to liquidity provision, market making, and arbitrage may be exempt from these restrictions under platform monitoring.