Turkey taking crypto transaction steps to prevent laundering
On his X account, he reposted an article by state-owned Anadolu news agency saying Turkey was preparing to introduce transfer limits and mandatory waiting periods for withdrawals on crypto assets.
It said the new steps will include waiting periods of 48 to 72 hours for crypto withdrawals where the travel rule - requiring the verification of information on the sender and recipient of a transaction - is not applied.
'We are taking new steps to prevent the laundering of criminal proceeds obtained from illegal betting and fraud through cryptocurrency transactions,' Simsek said.
'Administrative, legal, and financial sanctions will be imposed on non-compliant platforms,' he added.
The daily limit on the transfer of stablecoins, a type of cryptocurrency designed to maintain a constant value, will be capped at $3,000, with a monthly limit of $50,000, Anadolu said.
The travel rule is a set of guidelines designed to prevent money laundering, that mandates virtual asset service providers to obtain and disclose precise details pertaining to the sender and recipient of a virtual asset transfer.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
15 hours ago
- Al Arabiya
Turkish cartoonist jailed pending trial over drawing accused of insulting Prophet
A Turkish court on Wednesday ordered the arrest of cartoonist Dogan Pehlevan and three others pending trial, after a drawing in their satirical magazine stirred outrage among religious conservatives and condemnation by President Recep Tayyip Erdogan. Pehlevan faces charges, which he denies, of inciting hatred and insulting the president, according to a court document. Justice Minster Yilmaz Tunc said the four had been arrested. The cartoon, published shortly after war ended between Israel and Iran, showed two elderly men named Mohammad and Moses shaking hands in the sky while missiles flew below — a scene critics said blasphemously referenced Muslim and Jewish prophets. On Tuesday, Erdogan called the Leman magazine cartoon a 'vile provocation' and vowed that 'those who show disrespect to our Prophet and other prophets will be held accountable before the law.' His AK Party called it an Islamophobic hate crime. In a court statement seen by Reuters, Pehlevan denied targeting religious figures, saying the names were commonly used and intended to represent ordinary victims of war. 'If I hadreferred the prophets, I would have used an expression like 'Prophet',' he said. 'The cartoon is a call for peace.' Pehlevan faces charges of 'inciting hatred and enmity' and 'insulting the president', the court document said. Three other Leman staff members — the managing editor, graphic designer, and administrative director — were also referred to court under similar charges. Leman has apologized to readers who felt offended and said the cartoon was misunderstood. It said Pehlevan sought to portray the suffering of civilians in wartime and that there was no intent to insult Islam.
Asharq Al-Awsat
16 hours ago
- Asharq Al-Awsat
Turkish Police Seize 825 Kg of Heroin, Says Interior Minister
Police have seized 825 kilogrammes of heroin and arrested 30 people in a string of raids largely in southern Türkiye, Interior Minister Ali Yerlikaya said on Wednesday. Straddling Asia and Europe, Türkiye lies on several major smuggling routes and is the main entry point for heroin on the European market, according to AFP. "In operations across seven provinces, centred in (the southern city of) Adana.. we seized 825 kilogrammes (1,818 pounds) of heroin and arrested 30 suspected drug traffickers," he wrote on X. In a simultaneous operation, police raided 38 different addresses in Adana, Hakkari, Hatay, Istanbul, Van, Diyarbakir, and Mersin, seizing unlicensed weapons and "a large quantity" of digital material, he said. Heroin continues to be the most commonly used illicit opioid within the European Union and "increasingly relies on maritime routes and in particular the use of global container traffic and ferries" departing from Türkiye, Europol's 2024 analysis of the EU drug market said. The report said Turkish criminal networks continue to dominate the wholesale trafficking of heroin to the European market.
Arab News
21 hours ago
- Arab News
Turkish police seize 825 kg of heroin: interior minister
ISTANBUL: Police have seized 825 kilogrammes of heroin and arrested 30 people in a string of raids largely in southern Turkiye, Interior Minister Ali Yerlikaya said on Wednesday. Straddling Asia and Europe, Turkiye lies on several major smuggling routes and is the main entry point for heroin on the European market. 'In operations across seven provinces, centered in (the southern city of) Adana.. we seized 825 kilogrammes (1,818 pounds) of heroin and arrested 30 suspected drug traffickers,' he wrote on X. In a simultaneous operation, police raided 38 different addresses in Adana, Hakkari, Hatay, Istanbul, Van, Diyarbakir, and Mersin, seizing unlicensed weapons and 'a large quantity' of digital material, he said. Heroin continues to be the most commonly used illicit opioid within the European Union and 'increasingly relies on maritime routes and in particular the use of global container traffic and ferries' departing from Turkiye, Europol's 2024 analysis of the EU drug market said. The report said Turkish criminal networks continue to dominate the wholesale trafficking of heroin to the European market.
