Turkey Tightens Crypto Rules: New Regulations for Exchanges and Wallets!
With new regulations for crypto asset service providers (CASPs), Turkey is moving forward with its cryptocurrency laws. Two regulatory documents pertaining to the licensing and operations of CASPs, such as cryptocurrency exchanges, custodians, and wallet service providers, were released by Turkey’s Capital Markets Board (CMB) on March 13.
The framework ensures adherence to national and international standards by giving the CMB complete control over cryptocurrency platforms. Additionally, it establishes guidelines and criteria for the creation and provision of crypto asset services in Turkey, including those pertaining to establishment capital, CEO backgrounds, shareholder regulations, and other topics.
Crypto Under Watch: Turkey Mandates Price Monitoring & Data Reporting!
In order to detect and control a variety of risks, CASPs will have to create specialized risk management teams and make investments in compliance infrastructure. A price monitoring system must also be set up by the suppliers in order to identify any questionable trading behavior. Turkish CASPs are required to submit timely information regarding their operations to the CMB in accordance with strict reporting guidelines.
The new framework also makes it mandatory for CASPs to document large amounts of transaction data, including canceled and unexecuted transactions, which reinforces Turkey’s crypto anti-money laundering (AML) regulations. Crypto AML requirements were first adopted in Turkey in December 2024, and for transactions exceeding 15,000 Turkish liras ($409), users had to provide identifying information to CASPs.
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