Turkey Imposes 48-Hour Withdrawal Delays, $3,000 Daily Stablecoin Cap

Turkish authorities are implementing stricter regulations on cryptocurrency transactions, aiming to enhance monitoring and prevent illicit activities. The new measures require platforms to gather comprehensive information about the source and purpose of each transfer, including mandatory transaction notes of at least 20 characters. Users may experience withdrawal delays, with most cases facing up to 48 hours and first-time withdrawals up to 72 hours, particularly when the Travel Rule does not apply.

Turkish Finance Minister Mehmet Şimşek emphasized the government's commitment to combating money laundering and fraud through cryptocurrency transactions. He stated, "We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions. Administrative, legal, and financial sanctions will be imposed on non-compliant platforms."

In addition to these measures, Turkey is introducing caps on stablecoin transactions to curb illicit financial flows. Users will be limited to stablecoin transfers of no more than $3,000 per day and $50,000 per month. Platforms that fully comply with Travel Rule standards by collecting complete identity details can offer users double the limit.

These regulatory changes align Turkey's crypto policies with global standards, particularly the EU’s MiCA framework. The latest proposals build on March reforms by the Capital Markets Board (CMB), which granted the regulator extensive authority over crypto asset service providers (CASPs). These reforms include stringent criteria for platform executives, shareholder transparency, and capital requirements. Exchanges operating in Turkey must now hold at least $4.1 million in capital, while custodians need $13.7 million.

These developments indicate a significant shift in Turkey's approach to cryptocurrency regulation, moving towards stricter oversight and compliance with international standards. The new measures are designed to enhance transparency and security in the crypto market, potentially making it more challenging for users to engage in easy and unregulated crypto transactions.