Turkey has introduced stricter rules for cryptocurrency exchanges and service providers. The Capital Markets Board (CMB), the country’s financial regulator, will now oversee all crypto asset platforms. This includes licensing, operations, and compliance requirements.
CMB to Oversee Crypto Exchanges and Custodians
On March 13, the CMB released two new regulatory documents. These crypto regulations apply to crypto exchanges, custodians, and wallet providers operating in Turkey. The new framework sets clear requirements for companies that offer crypto-related services. It also ensures that these platforms follow national and international financial standards.
The regulations include specific rules about how crypto businesses can operate. Companies must meet requirements related to their starting capital, the background of their executives, and shareholder structures.
Crypto service providers in Turkey must now invest in compliance systems and build dedicated risk management teams. These teams will be responsible for identifying suspicious activity and preventing illegal transactions.
Additionally, exchanges must set up price monitoring systems to detect unusual trading patterns. These measures aim to prevent market manipulation and ensure fair trading.
Crypto Transfers Deemed “Risky” May Face Limitations
The new rules also introduce stronger reporting requirements. Crypto platforms must now provide detailed transaction data to the CMB, including information on canceled and unexecuted transactions.
The new regulations also introduce risk-based restrictions on crypto transfers. If a transaction is flagged as suspicious due to a lack of sufficient identifying information, crypto service providers will have the authority to stop or limit the transfer.
Service providers must now collect data from users with previously unregistered wallet addresses. If they fail to obtain the necessary information, transactions may be restricted. This measure aims to prevent individuals from using anonymous wallets to bypass regulations.
Alongside the CMB’s new regulations, Turkey has earlier introduced stricter anti-money laundering (AML) rules. These measures require crypto service providers to enhance their transaction monitoring systems to detect suspicious activity.
Under the new AML framework, crypto transactions exceeding 15,000 Turkish liras ($425) must include the sender’s full identifying information. This requirement aims to prevent illicit activities such as money laundering and terrorist financing.
Turkey’s latest regulations closely follow global trends in crypto regulation. On December 30, 2024, the European Union officially implemented the Markets in Crypto-Assets (MiCA) law, which is the first comprehensive framework for cryptocurrency regulation in Europe. MiCA introduced strict licensing and compliance rules for crypto businesses, setting a new global standard.
