Turkey is proceeding with new dismissal delays and transfer limits against cryptocrimity
According to new statements by Finance Minister Mehmet Simsek, Turkey prepares the introduction of a number of strict crypto regulations that aim to curb financial crime in connection with illegal gambling and online fraud.
This Step signals the government's intention to tighten the supervision without preventing legitimate activities in the field of digital assets.
According to the new regulations, crypto platforms must delay payments of users by up to 72 hours if the origin and objectives cannot be properly checked. These waiting times are part of a more comprehensive initiative to enforce the international “Travel Rule”, which requires Börsen to record and pass on detailed information on the sender and recipient.
In order to further restrict the river of suspicious funds, new daily and monthly transfer limits for stable coins are set-$ 3,000 or $ 50,000-unless a platform meets the complete compliance standards of the travel sail. Platforms that do this can give their users a doubling of the limits.
In addition, users must specify a written reason for each transfer, and crypto companies are obliged to pursue the origin and purpose of all funds that flow through their systems. In the event of violations, there are high penalties, including fines and the possible loss of the operating license.
Şimşek emphasized that the changes aim to prevent criminal activities and at the same time to receive space for innovations and the legal use of digital assets. The new rules will soon come into force because Turkey increases its regulatory supervision of the crypto sector.
