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Turkey’s crypto regulatory landscape has been witnessing significant changes in recent times. The country has emerged as a major player in the global cryptocurrency market, with its crypto trading volume ranking fourth globally.
Under the newly announced regulations, the Turkish government aims to curb illicit activities and ensure transparency in the sector. One of the most crucial updates is the introduction of transfer limits for cryptocurrency transactions.
The new regulation introduces mandatory waiting periods between 48 hours and 72 hours for withdrawals. These measures are designed to prevent fraudulent activities, money laundering, and other forms of financial crimes.
In addition, all crypto exchanges operating in Turkey must obtain a Capital Markets Board (CMB) verified CASP license before commencing operations. The CMB will be responsible for issuing licenses, overseeing operational activities, and enforcing compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) policies.
Furthermore, the Financial Crime Investigation Board (MASAK), under the Ministry of Treasury and Finance, has introduced mandatory identity verification requirements. Transactions exceeding TRY 15,000 ($425) must provide sender’s details and beneficiary’s details.
Turkey is also focusing on enhancing its overall crypto security measures by increasing transparency through licensing and regulatory compliance.
The Turkish government will not only be focusing on strengthening regulations but will also increase the minimum capital requirement for crypto exchanges to TRY 150 million (approximately $4.1 million). This drastic change in regulation may make it difficult for smaller exchanges to operate.
Turkey’s stance on cryptocurrency is quite distinct compared to other countries. While some nations are actively considering increasing tax rates or expanding their government’s crypto holdings, Turkey seems to be taking a unique approach.
Source: coinpedia.org
