In a significant move to strengthen its regulatory framework, Turkey has introduced new regulations for crypto asset service providers (CASPs). The new measures, published on March 13 by the Capital Markets Board (CMB) of Turkey, place full oversight and compliance responsibilities for crypto exchanges, custodians, and wallet service providers under a structured regulatory regime.
These regulations aim to align Turkey’s crypto policies with international standards while enhancing the integrity of its financial ecosystem. The framework mandates that CASPs invest in compliance infrastructure and establish dedicated risk management teams to proactively identify and mitigate a variety of risks associated with crypto transactions.
- Full Compliance Oversight: The CMB will oversee all operations of CASPs, ensuring adherence to both national and international regulations.
- Stricter Reporting Requirements: CASPs must provide the CMB with timely operational data, including detailed transaction records.
- Enhanced Anti-Money Laundering Standards: The regulations strengthen existing AML frameworks, requiring CASPs to collect comprehensive transaction data.
- Suspicious Activity Monitoring: CASPs are required to implement monitoring systems that can detect and alert authorities regarding suspicious trading activities within their platforms.
These developments follow Turkey’s earlier compliance requirements introduced in December 2024, which obligated users to share identifying information for transactions exceeding 15,000 Turkish lira (approximately $409). The new regulations further emphasize the importance of data protection and consumer safety in the swiftly evolving crypto landscape.
Reflecting a global trend, Turkey’s regulatory approach is said to be in line with the Markets in Crypto-Assets Regulation (MiCA) adopted by the European Union and similar standards endorsed by the US Securities and Exchange Commission. Such proactive measures suggest that Turkey is committed to fostering a secure environment for cryptocurrency enthusiasts and investors alike, with a focus on reducing illicit activities within the sector.
As the global cryptocurrency landscape faces scrutiny and evolving legal challenges, these changes illustrate Turkey’s dedication to integrating robust legal frameworks. Investors and service providers must now prepare for a more complex regulatory environment while continuing to pursue innovation in crypto technologies.
