Turkey is moving forward in the realm of cryptocurrency regulation with significant new rules concerning crypto asset service providers (CASPs). On March 13, the Capital Markets Board (CMB) of Turkey published two crucial regulatory documents that outline standards for the licensing and operational framework of CASPs, which encompass crypto exchanges, custodians, and wallet service providers.
The framework grants the CMB comprehensive oversight over crypto platforms, ensuring that they comply with both national and international regulatory standards. This initiative aims to establish a safer and more structured environment for cryptocurrency transactions within Turkey.
Furthermore, the new regulations specify detailed requirements for setting up and providing crypto asset services in Turkey. These regulations include stipulations regarding establishment capital, the qualifications and history of executives, shareholder rules, and more.
Stricter Requirements for CASPs
The newly introduced framework imposes stricter requirements on CASPs to enhance compliance infrastructure. This may pose adaptation challenges for many service providers as they navigate the evolving regulatory landscape. Additionally, CASPs are now obliged to follow stringent reporting requirements, ensuring they provide the CMB with timely, accurate information about their operational activities.
In alignment with global standards, Turkey’s new crypto regulations have been structured to reflect the regulatory approaches established by Europe’s Markets in Crypto-Assets Regulation (MiCA) and guidelines from the U.S. Securities and Exchange Commission. The intent is to streamline the regulatory environment for cryptocurrencies while fostering a secure ecosystem for users.
Alongside these measures, the regulations also impose stricter trading rules for Turkish investors, introduce potential restrictions on stablecoins, and address the decentralized finance (DeFi) market’s growth within Turkey. These changes signify a noteworthy shift towards a more regulated and transparent approach to cryptocurrency operations in the country.
This is a developing story, and additional information will be provided as it becomes available.
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