Munzir HakimiTable of Contents
New Crypto Rules
turkey is enhancing its cryptocurrency regulations with new guidelines for crypto asset service providers (CASPs). On March 13, the Capital Markets Board (CMB) released two documents outlining licensing and operational standards for casps, which include exchanges, custodians, and wallet services. This framework gives the CMB comprehensive oversight to ensure compliance with both national and international standards.
The regulations establish requirements for setting up crypto services in Turkey, including minimum capital thresholds and executive qualifications. The aim is to create a secure environment for cryptocurrency transactions while adhering to global regulatory practices.
key Regulations Overview
Minimum capital Requirements
- Exchanges: must have a minimum capital of $4.1 million.
- Custodians: Required to maintain at least $13.7 million.
- Exclusions apply to fixed assets and receivables from these calculations.
CASPs are also mandated to invest in compliance infrastructure and form dedicated risk management teams.They must implement systems that monitor trading activities for suspicious behaviour while adhering strictly to reporting obligations set by the CMB.
Anti-Money Laundering Standards
The new framework strengthens Turkey’s anti-money laundering (AML) measures by requiring CASPs to collect extensive transaction data,including details on canceled or unexecuted transactions. Previously established AML rules necessitate user identification for transactions exceeding 15,000 Turkish liras ($409).
Prohibitions on Derivative Transactions
The CMB’s regulations explicitly ban derivative transactions involving cryptocurrencies but allow exchanges to conduct initial coin offerings after thorough contract reviews. while security token definitions remain unclear within the regulations, their issuance is not prohibited.
Despite these advancements in regulation, using cryptocurrencies directly for purchasing goods or services remains restricted under Central Bank policies. Most of these rules will take effect by June 30, 2025.
Final Thoughts
Turkey’s updated crypto regulations align closely with global standards set forth by Europe’s Markets in Crypto-Assets Regulation (MiCA) and U.S. Securities laws—marking a notable step towards creating a robust legal framework around digital currencies in the country.
Reference
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- Turkey’s Capital Markets Board – regulatory documents
- Cointelegraph – How Crypto Laws Are Changing Across The World
