The platforms on which transactions with digital assets are made will be required to collect detailed information about the sources of funds and purposes of cryptocurrency transfers. Clients sending cryptocurrency will have to provide a description of the transaction by at least 20 characters.
To prevent quick movement and concealment of suspicious funds, the Ministry of Justice is going to introduce a mandatory waiting period for the withdrawal of cryptocurrencies. The withdrawal of funds should be delayed for at least 48 hours, if the platform does not comply with the requirement of the International Group for the Development of Financial Measures of Money Laundering (FATF), according to which financial institutions are required to exchange information. If users for the first time withdraw funds, the delay should last at least 72 hours.
Transactions with stablecoins will also be strictly controlled by the Turkish authorities. Daily translations will be limited to $ 3000, and the monthly limit will be $ 50,000. Cryptocurrency platforms that provide the authorities with the complete names of the sender and recipient, the address of their wallets, home addresses, date and place of birth, will be allowed to double the limits. New rules should come into force in the near future.
The Minister of Finance of Turkey Mehmet şimşek said that the new requirements are designed to prevent criminal proceeds abroad. If cryptocurrencies are used for legal purposes, then the work of the financial system will not be violated, the official claims. Suppliers of cryptocurrency services that do not comply with new rules are threatening administrative fines, a refusal to issue a work permit and a license review, the minister warned.
Last year, the Turkish Ministry of Finance spoke about plans to introduce a tax of 0.03% on all cryptocurrency operations. This would allow to replenish the state budget by 3.7 billion lire ($ 113 million) annually.
Source: Bits
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