Turkey’s Ministry of Treasury and Finance has enacted new cryptocurrency regulations aimed at mitigating risks prevalent in the digital asset ecosystem, including money laundering, fraud, and illegal gambling.
The regulatory framework imposes rigorous Know Your Customer (KYC) procedures on cryptocurrency exchanges. Users may now face mandatory waiting periods of 48-72 hours for withdrawal requests, enhancing verification processes.
Furthermore, specific rules target stablecoin transactions, implementing significant caps to reduce risks associated with large-volume movements. Individuals face daily limits of $2,500 and a monthly ceiling of $50,000 for stablecoin transfers.
The stringent requirements have reportedly prompted some major international cryptocurrency firms, including Coinbase, to exit the Turkish market due to compliance difficulties.
Domestic exchanges operating within Turkey now face increased administrative and technical obligations to adhere to the new rules. Despite the challenges presented to market players, the measures are intended to foster a more secure environment for cryptocurrency activity in the country.