Turkey is implementing a comprehensive regulatory framework for cryptocurrency assets, targeting enhanced oversight of bitcoin transactions and stablecoin flows. The measures aim to mitigate risks of illicit fund movements while aligning with international compliance standards.
The Finance Ministry will enforce withdrawal holding periods for transactions exempt from the Travel Rule, mandating 48-hour delays for most withdrawals and 72-hour delays for first-time withdrawals. Platforms will also face stablecoin transfer limits designed to reduce illegal outflows, though those compliant with the Travel Rule will receive doubled transfer limits as an incentive. Regulatory burdens on legitimate activities like liquidity provision are eased through specific exemptions.
The regulations harmonize with global frameworks including the EU’s Markets in Crypto-Assets (MiCA) regulation. Turkey’s Capital Markets Board (CMB) will oversee crypto asset service providers (CASPs), establishing mandatory licensing protocols and operational criteria.
Stringent capital requirements form a cornerstone of the framework: exchanges must hold $4.1 million in capital, while custodians face a $13.7 million threshold. CASP executives must also meet rigorous qualification standards, striking a balance between investor protection and clear operational guidelines for the industry.