Turkey’s Finance Ministry will tighten data collection rules for crypto transfers

What’s new? The Turkish Ministry of Finance plans to introduce new rules for collecting data on the sources and purposes of transfers through crypto platforms, as well as restrictions on stablecoin transfers, in order to combat money laundering.

What else is known? Under the proposed measures, crypto platforms would be required to collect detailed information about the origin and purpose of each transfer. Users will be required to provide a transaction description of at least 20 characters in length for each transfer.

In addition, platforms will be required to apply hold periods for cryptocurrency withdrawals. These include a 48-hour delay for most withdrawals and a 72-hour delay for the first withdrawal from any account. The Travel Rule will not apply.

The International Financial Action Task Force (FATF) Travel Rule requires companies to share customer information when making transfers to identify suspicious transactions.

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The Finance Ministry’s new rules are part of a larger effort to strengthen oversight of crypto asset service providers (CASPs).

In addition, the agency will introduce daily and monthly limits on stablecoin transfers to prevent the rapid outflow of illicit funds, especially from crimes such as illegal betting and fraud. Users will be capped at $3000 per day and $50 000 per month.

Platforms that fully comply with the Travel Rule, including collecting complete sender and recipient data, will be allowed to double their daily and monthly limits.

Treasury and Finance Minister Mehmet Şimşek said the new rules are meant to combat criminal abuse without suppressing legitimate activities.

“In addition to administrative sanctions, various legal and financial sanctions, including denial of license or cancellation, may be imposed on platforms that do not comply with the new regulations,” Şimşek said.

Transfers related to liquidity provision, market making, and arbitrage (where users can prove the source of funds) will be exempt from restrictions, provided a compliant platform controls them.

Turkey is seeking to align its crypto regulation with international standards, including the European Union’s Markets in Crypto-Assets (MiCA) regulation.

In March, Turkey’s Capital Markets Board (CMB) introduced licensing and operating rules for CASPs. This framework gives the CMB full authority over crypto exchanges, wallet providers, and custodians, aligning national oversight with global regulatory standards. The rules set strict requirements for the establishment of CASPs, including criteria on executive experience, shareholder structure, and minimum capital thresholds. Crypto exchanges must have at least $4,1 million in capital, while custodians must have at least $13,7 million.