In recent developments, Turkey’s regulatory landscape for crypto assets has been undergoing a significant transformation after the nation’s Financial Crimes Investigation Board (MASAK) unveiled a new set of guidelines. Interestingly, popular crypto analyst and Turkish national, Burak Kesmeci, has weighed in on this new regime, sharing the implications of these regulations, from both a legal and user perspective.
For the market analyst, one of the most prominent changes is the addition of a mandatory waiting period for crypto transactions. Notably, first-time withdrawals from local exchanges now require a 72-hour hold, while subsequent transactions face a 48-hour delay. Kesmeci notes this measure is intended to combat money laundering and fraud by allowing for longer transaction time to detect suspicious activity. However, the analyst describes it as a “negative development” for traders impacting short-term trading activity on global exchanges.
Another critical provision in MASAK’s new crypto regime is the introduction of transfer limits when moving funds from an exchange to a cold wallet. Kesmeci states these limits are set at $3,000–$6,000 per day and $50,000–$100,000 per month (or crypto equivalent). However, these transfer caps only apply to stablecoins transactions with investors free to move cryptocurrencies such as Bitcoin and Ethereum in whatever preferred amount. The Turkish analyst explains this is because the transfer limits references a 2021 regulation policy that focused solely on stablecoins.
Other changes introduced by MASAK is a transparency push that mandates all exchanges disclose new token listings to Turkey’s Public Disclosure Platform (KAP). Burak Kesmeci expresses excitement at this particular regulation as it becomes the first time crypto users gain insights into the process that produces an asset listing.
Meanwhile, MASAK is also implementing a strict custody requirement whereby 95% of user funds must be stored with approved custodians, while only 5% is allowed to remain on exchanges. Kesmeci explains this requirement will be carefully monitored as exchanges must not exceed a 90%-10% limit as MASAK aims to prevent exchange collapse such as FTX and Thodex.
