Turkey’s Initiative Against Money Laundering
In a significant move to enhance its fight against money laundering and financial crime, Turkey plans to empower its Financial Crimes Investigation Board (Masak) to seize and restrict access to cryptocurrency accounts. This initiative aligns Turkey with international anti-money laundering standards prescribed by the Financial Action Task Force (FATF). According to sources familiar with the situation, a bill outlining these measures is anticipated to be presented to the Turkish Parliament soon, though details have not been made public yet.
New Regulations for Cryptocurrency Transactions
The Turkish government’s ongoing campaign against money laundering and other illicit financial activities has intensified, with new regulations introduced to oversee cryptocurrency transactions more rigorously. A recent report by the state-owned Anadolu Agency disclosed that cryptocurrency exchanges will need to enhance their user verification processes significantly. Under the proposed rules, providers of crypto services in Turkey must collect identifying information from customers engaging in transactions exceeding 15,000 Turkish lira, which is roughly equivalent to $360.
In addition to this identification requirement, each cryptocurrency transaction will necessitate a specific note comprising at least 20 characters. The new protocol stipulates that if the necessary sender and recipient details are not provided during a transaction, platforms will be obligated to temporarily suspend withdrawals. Most transactions will face a 48-hour delay, while first-time withdrawals from new accounts will be held for 72 hours.
Transaction Limits and Compliance Measures
To further curb the movement of illicit funds, particularly those linked to criminal activities such as fraud and illegal gambling, authorities intend to limit daily and monthly stablecoin transactions. Specifically, users will be restricted to sending a maximum of $3,000 per day and $50,000 per month. However, cryptocurrency platforms that adhere to the rigorous Travel Rule—which mandates the collection of complete sender and receiver information—could offer elevated transfer limits.
Ominously, Turkey’s Treasury and Finance Minister, Mehmet Şimşek, has warned that non-compliant platforms may face severe consequences, including fines, denial of operational licenses, or even revocation of existing licenses.
Impact on the Cryptocurrency Market
This legislative effort follows Turkey’s earlier steps to regulate its cryptocurrency landscape more thoroughly. In March, the Capital Markets Board (CMB) implemented fresh licensing and operational protocols for cryptocurrency service providers. These regulations require exchanges, wallet services, and custodians to maintain robust customer verification systems.
While these governing measures aim to bolster consumer protection and secure Turkey’s financial ecosystem from illegal activities, some industry analysts express concern that these stringent requirements may push major market players away. For instance, Coinbase has withdrawn its pre-application to enter the Turkish crypto market, and Binance has announced the cessation of its retail referral program within Turkey in light of these rules.
Despite these measures, which are a part of a more extensive modification of Turkey’s Capital Markets Law No. 6362, requiring a minimum capital of $4.1 million for exchanges and $13.7 million for custodians, Turkey remains a budding market for cryptocurrency. Recent findings from the Chainalysis 2025 Crypto Adoption report place Turkey as the 14th largest nation globally regarding cryptocurrency adoption.
Future Considerations
To navigate economic challenges, Turkish officials are also contemplating a modest transaction tax of 0.03% on crypto trades to boost national revenue without stunting market growth.
“Currently, we are not considering taxing profits from crypto assets and the stock market; we may only introduce a minimal fee or tax based on transactions,”
stated Minister Şimşek.
