Turkey Takes Restrictions On Crypto Transactions To Prevent Money Laundering

JAKARTA The Turkish government is taking new steps to prevent money laundering practices originating from crimes such as illegal gambling and fraud through crypto transactions, according to Turkish Finance Minister Mehmet Simsek's statement, on Tuesday, June 24.

In a post on his official X account, Simsek shared an article from the state-owned news agency, Anadolu Agency, which states that the government is preparing a number of new rules that will limit transfers and apply a waiting period for the withdrawal of crypto assets.

Anadolu said that the new policy covers a waiting period of 48 to 72 hours for crypto withdrawals, especially if the travel rule is not implemented. Travel rule is a guideline requiring virtual asset service providers to verify the information of senders and recipients in each transaction to prevent money laundering.

"We are taking new steps to prevent crime-resulting laundering from illegal gambling and fraud through crypto transactions," Simsek said.

He added that administrative, legal and financial sanctions would be imposed on platforms that did not comply with the regulation.

In addition, according to Anadolu's report, the government will limit the daily transfer of stablecoins of crypto assets whose value is relatively stable amounting to US$3,000 per day, and US$50,000 per month.

The move is part of the Turkish government's strategy to strengthen oversight of digital assets and prevent illegal financial practices amid rising crypto adoption in the country.