Turkey Introduces 72-Hour Withdrawal Delay to Fight Money Laundering
Turkey is set to roll out tighter cryptocurrency regulations in a bid to combat money laundering and improve financial oversight across the digital asset sector. According to a government announcement released today, the Ministry of Treasury and Finance has proposed a new set of rules that will impact both retail users and crypto platforms operating in the country.
Among the key provisions is a mandate requiring that every crypto transaction include a transfer note of at least 20 characters. In addition, platforms that do not meet compliance standards will be subject to a mandatory 72-hour delay on all withdrawal requests. Daily and monthly transaction caps for stablecoins will also be enforced, limiting transfers to $3,000 per day and $50,000 per month, respectively.
Finance Minister Mehmet Şimşek underscored the new framework as an effort to strike a balance between supporting legitimate crypto activity and enforcing strong anti-money laundering (AML) measures. However, full regulatory clarity on certain aspects of the law is still pending, leaving some uncertainty in the market.
The regulatory shift comes as Turkey grapples with a weakening national currency. Over the past year, the Turkish lira has declined by more than 20%, prompting a surge in crypto usage as residents look for financial alternatives.
While the restrictions could slow trading volume and increase compliance costs for some users, analysts believe fully compliant platforms may still benefit in the long run. Institutional interest in digital assets has grown globally, especially following the approval of Bitcoin ETFs in the U.S. in 2024, and Turkey may still attract such investors if its regulatory environment remains stable.
