The Turkish Capital Markets Board unveils new licensing and operational guidelines for cryptocurrency exchanges, custodians, and wallet providers.
On March 13, Turkish authorities launched a fresh regulatory framework aimed at enhancing oversight and operational protocols for cryptocurrency exchanges, custodians, and wallet service providers.
The recent regulations mandate that cryptocurrency businesses comply with more rigorous reporting and transparency requirements. They are required to generate numbered transaction forms that specify the type, amount, and price of crypto assets, in addition to any associated fees and expenses.
Furthermore, platforms must issue monthly account statements to their clients, detailing all transactions involving crypto assets, whether bought, sold, or transferred, as stipulated by the framework. Additionally, customer orders are only to be accepted through the platforms’ official websites or mobile applications, restricting processing via social media channels like X or Telegram.
In addition to new operational guidelines, certain activities are prohibited for these platforms. For instance, crypto asset service providers are not allowed to accept deposits, engage in real estate transactions for commercial purposes, or make misleading claims regarding potential returns.
This framework follows the ratification of a comprehensive cryptocurrency bill that enforces stringent compliance measures. The legislation, championed by ruling party chairman Abdullah Güler, imposes hefty penalties for non-compliance, including fines reaching $182,600 and possible imprisonment for unauthorized exchanges.
Consequently, numerous international cryptocurrency firms have hastened to obtain licenses, with 47 exchanges applying to operate legally within Turkey.