Turkey is making strides in regulating cryptocurrency by introducing new guidelines for crypto asset service providers (CASPs).
On March 13, the Capital Markets Board (CMB) of Turkey released two regulatory documents pertaining to the licensing and operations of CASPs, which encompass crypto exchanges, custodians, and wallet service providers.
The newly established framework grants the CMB comprehensive oversight of crypto platforms to ensure adherence to both national and international standards.
An excerpt from the title page of the CASP regulation document by the CMB. Source: Official Gazette
This framework also establishes the necessary standards and requirements for launching and providing crypto asset services in Turkey, covering aspects such as initial capital, executive backgrounds, and shareholder regulations.
Enhanced requirements for CASPs
As per the new guidelines, CASPs will need to invest in compliance infrastructures and create specialized risk management teams to identify and mitigate various types of risks. Furthermore, these providers will be obligated to implement a price monitoring system to detect suspicious trading behaviors.
Turkish CASPs will also face rigorous reporting requirements, necessitating that they furnish the CMB with timely updates regarding their operations.
In addition, the revised framework bolsters Turkey’s crypto Anti-Money Laundering (AML) regulations, mandating CASPs to retain extensive transaction data, including information on canceled and unexecuted transactions.
An excerpt from the CMB’s CASP regulation document (translated by Google). Source: Official Gazette
Previously, in December 2024, Turkey implemented crypto AML regulations requiring users to provide identifying information to CASPs for transactions exceeding 15,000 Turkish liras (approximately $409).
The documentation indicates that Turkey’s latest crypto regulations are in line with global benchmarks and reflect regulatory strategies established by Europe’s Markets in Crypto-Assets Regulation (MiCA) and the US Securities and Exchange Commission.
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