Turkey is making significant strides in cryptocurrency regulation, implementing new rules for crypto asset service providers (CASPs). The Capital Markets Board (CMB) of Türkiye recently issued two regulatory documents pertaining to the licensing and operations of CASPs, which include crypto exchanges, custodians, and wallet service providers. These regulations grant the CMB comprehensive oversight of crypto platforms, ensuring adherence to both national and international standards. CASPs will now need to invest in compliance infrastructure and meet stringent reporting requirements to provide the CMB with accurate operational information. The new rules set by Turkey align with global standards, drawing inspiration from Europe’s Markets in Crypto-Assets Regulation (MiCA) and the US Securities and Exchange Commission. The regulations also impose stricter trading requirements on Turkish investors, potentially restrict stablecoins, and address the decentralized finance (DeFi) market in the country. CASPs may face challenges adapting to this new regulatory environment, requiring them to meet specific standards like establishment capital, executive history, and shareholder rules. This development signifies a significant step towards a more regulated and secure cryptocurrency landscape in Turkey. Stay tuned for more updates on this evolving story.
