Turkey is preparing to impose stricter regulations on crypto transactions to combat money laundering and financial crime, according to information obtained by the state-run Anadolu Agency (AA).

Under the proposed measures, crypto platforms will be required to collect detailed information on the origin and purpose of every transfer. Users will need to provide a transaction description of at least 20 characters for each transfer, AA said in a Tuesday report.

In addition to transaction descriptions, platforms will be required to apply holding periods on crypto withdrawals when the Travel Rule does not apply. These include a 48-hour delay for most withdrawals and a 72-hour delay for the first withdrawal from any account.

The regulations are…