Turkey is on the verge of implementing significant new anti-money laundering (AML) regulations, granting its Financial Crimes Investigation Board (MASAK) unprecedented authority to freeze and restrict access to cryptocurrency accounts. This move aims to curb illicit financial activities and bolster supervision of the rapidly evolving digital asset markets, aligning with international standards set by the Financial Action Task Force (FATF). These measures are part of a broader government strategy to bring greater regulatory clarity to the burgeoning crypto sector, according to recent reports.
Turkey Bolsters Crypto Oversight with Sweeping New AML Rules
Sources familiar with the matter indicate that these proposed regulations are expected to reach parliament in the coming months. They represent a continuation of earlier efforts to tighten oversight, including rules introduced in June that mandated crypto platforms collect detailed identifying information for transactions exceeding TRY 15,000.
Under this new framework, withdrawals could face delays if sender and recipient details are found to be incorrect. Standard withdrawal processes might experience a 48-hour hold, while first-time withdrawals from newly established accounts could be held for up to 72 hours.
Authorities also plan to introduce daily and monthly limits on stablecoin transfers, currently suggested at $3,000 per day and $50,000 per month. However, platforms demonstrating compliance with the ‘Travel Rule’ – which requires users to share transaction details – may be eligible for higher transfer limits.
This comprehensive AML package follows previous regulations from the Capital Markets Board (CMB) in March, which established clear licensing and operational requirements for crypto service providers. For instance, exchanges are now required to maintain a minimum of $4.1 million in reserves, with custodians needing at least $13.7 million.
Despite the introduction of stricter rules, Turkey continues to be a vibrant crypto market, ranking 14th globally according to Chainalysis. Nevertheless, some international exchanges have already begun to scale back their operations in the region, with Coinbase withdrawing its pre-application and Binance discontinuing its retail referral program earlier this year.
In addition to these regulatory changes, Turkish authorities are also exploring a modest 0.03 percent transaction tax on crypto trades. This proposed tax is intended to increase national revenues without significantly hindering market growth. Finance Minister Şimşek has clarified that, under the government’s current plans, profits derived from crypto assets are not yet subject to direct taxation.