CMB Takes Full Regulatory Control of Crypto Platforms
Turkey is progressing with cryptocurrency regulations with new rules for crypto asset service providers (CASPs).
On March 13, the Capital Markets Board (CMB) of Turkey released two regulatory documents on the licensing and operations of CASPs, including crypto exchanges, custodians, and wallet service providers.
The framework provides the CMB with full oversight of crypto platforms for compliance with national and international standards. It also dictates standards for crypto asset services, such as founding capital, executive backgrounds, and shareholder requirements.
Stricter Compliance and Risk Management for CASPs
Under the new regime, CASPs are obligated to enhance compliance infrastructure and must have dedicated risk management teams in place to deal with various risks. There must also be a price monitoring system in place to detect suspicious trades.
Turkish CASPs are also under stringent reporting obligations, submitting operational data to the CMB on a periodic basis.
Additionally, the framework strengthens Turkey’s crypto Anti-Money Laundering (AML) measures. CASPs are to maintain detailed records of transactions, including data on canceled and incomplete transactions.
Alignment with International Standards
Turkey already had crypto AML regulations in place in December 2024, mandating the identification of users for transactions above 15,000 Turkish liras ($409).
In accordance with the CMB, the new crypto regulations are in accordance with international standards and mirror actions taken by Europe’s Markets in Crypto-Assets Regulation (MiCA) and the United States Securities and Exchange Commission (SEC).
