Turkey is taking an important step in the regulation of the crypto sector with new legislation for crypto service providers (CASPS). On March 13, the Turkish Capital Markets Board (CMB) published two regulatory documents in which the license conditions and operational guidelines for CASPS are recorded. This includes crypto fairs, storage services and providers of digital wallets.
Strict supervision and higher requirements for crypto service providers
With the new regulations, the CMB gets full control over crypt platforms, which guarantees compliance with national and international guidelines. The legislation sets clear requirements for the establishment and functioning of crypto companies, such as a minimum amount of starting capital, strict suitability requirements for directors and shareholders, and specific operational requirements.
In addition, crypto service providers are obliged to invest in a robust compliance infrastructure and to set up specialized risk management teams. They must also implement an advanced price system that detects suspicious trading activities and reports directly to the regulator.
Stricter anti-money laundering rules
The regulations also further sharpen the anti-money laundering legislation (AML) in Turkey. Crypto companies are obliged to keep detailed transaction data, including canceled and non-carried out transactions.
In December 2024, Turkey already introduced stricter AML laws, where users were obliged to provide identity data with crypto transactions of more than 15,000 Turkish lira ($ 409).
Turkey follows international standards
According to the CMB, the new cryptore rules are tailored to international regulations and based on the European Markets in Crypto-Assets (MICA) framework and the approach to the American Securities and Exchange Commission (SEC). With this stricter legislation, Turkey wants to professionalize the crypto sector, guarantee financial stability and join worldwide standards.
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Source: https://newsbit.nl/turkije-scherpt-cryptoregels-aan-striktere-eisen-voor-handelsplatformen-en-bewaardiensten/
