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Investing.com -- Turkey will implement new restrictions on cryptocurrency transactions to combat money laundering from illegal betting and fraud, Finance Minister Mehmet Simsek announced Tuesday.
The measures will include mandatory waiting periods of 48 to 72 hours for cryptocurrency withdrawals when the travel rule is not applied, according to state-owned Anadolu news agency. The travel rule requires verification of information on both the sender and recipient of a transaction.
"We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions," Simsek said on his X account.
Turkey will also impose a daily limit of $3,000 on stablecoin transfers, with a monthly cap of $50,000. Stablecoins are cryptocurrencies designed to maintain a constant value.
Simsek warned that "administrative, legal, and financial sanctions will be imposed on non-compliant platforms."
The travel rule is a set of guidelines aimed at preventing money laundering by requiring virtual asset service providers to obtain and share detailed information about the parties involved in virtual asset transfers.
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