Munzir HakimiTable of Contents
New Crypto Rules
Turkey is making notable strides in regulating cryptocurrency with new rules for crypto asset service providers (CASPs).On March 13, the Capital markets Board (CMB) published two key documents outlining licensing and operational guidelines for CASPs, which include exchanges, custodians, and wallet services. This framework ensures that the CMB has full oversight of crypto platforms to maintain compliance with both national and international standards.
The regulations set forth specific requirements for establishing crypto services in Turkey. These include minimum capital thresholds—$4.1 million for exchanges and $13.7 million for custodians—as well as mandates on compliance infrastructure and risk management teams to monitor trading activities effectively.
Key Regulations Overview
- Minimum Capital Requirements:
– Exchanges: $4.1 million
– Custodians: $13.7 million
- Compliance Infrastructure: CASPs must invest in systems to manage risks.
- Reporting Obligations: Timely data sharing with the CMB is mandatory.
Additionally, these regulations enhance TurkeyS Anti-Money Laundering (AML) standards by requiring CASPs to record extensive transaction data.
Prohibitions on Derivatives
The new framework also prohibits derivative transactions involving cryptocurrencies while allowing exchanges to conduct initial coin offerings after reviewing smart contracts thoroughly. Though, using cryptocurrencies for purchasing goods or services remains banned due to existing Central bank regulations.
Most of these rules will take effect by June 30, 2025, aligning Turkey’s approach with global regulatory standards such as Europe’s Markets in Crypto-Assets Regulation (MiCA).
Final Thoughts
Turkey’s updated cryptocurrency regulations mark a pivotal moment in its financial landscape by promoting clarity and security within the digital asset space while adhering closely to international norms.
