Turkey has rolled out enhanced regulations, tightening restrictions on crypto exchanges and custodial services.
The Capital Markets Board of Turkey has taken full regulatory control over crypto platforms, managing their licensing, operations, and compliance standards.
To refine its cryptocurrency laws, Turkey has introduced updated rules for crypto asset service providers (CASPs).
Turkey’s Capital Markets Board (CMB) published two regulatory documents on March 13, focusing on the licensing and operations of CASPs, including crypto exchanges, custodians, and wallet services.
Under this framework, the CMB now fully supervises crypto platforms and enforces compliance with both national and international guidelines.
The regulations define the necessary conditions for launching and operating crypto asset services in Turkey, specifying requirements such as minimum capital, leadership background, and shareholder policies.
According to the framework, CASPs must invest in compliance mechanisms and create teams to identify and manage potential risks.
The regulations require providers to establish a system that monitors prices and raises alerts on any suspicious market activity.
Under the new framework, Turkish CASPs must disclose their operations to the CMB promptly and meet strict reporting requirements.
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As part of the strengthened Anti-Money Laundering (AML) framework, CASPs in Turkey must log detailed transaction data, including records of canceled and unexecuted transactions.
Turkey’s anti-money laundering laws, established in December 2024, require users to share their identity details with CASPs for transactions exceeding 15,000 Turkish liras ($409).
While the regulatory overhaul strengthens Turkey’s crypto landscape, it also presents challenges for some industry players. Smaller exchanges and custodians with limited financial resources may struggle to meet the new compliance requirements, potentially leading to market consolidation. This could result in fewer but more secure and well-regulated platforms for Turkish investors.
Turkey’s updated crypto regulations align with global standards and reflect the principles established by Europe’s Markets in Crypto-Assets Regulation (MiCA) and the US SEC.
