Turkey’s Capital Markets Board (CMB) has introduced new rules for crypto companies, showing their regulatory control over the industry. In a post on March 13, the agency unveiled the regulatory framework applicable to all Crypto Asset Service Providers (CASPs).
The framework is captured in two communiques published by the CMB, which highlight the requirements for starting a crypto service entity in the country and the rules guiding such entities’ operation. CMB became the sole regulator for the crypto industry in 2024 after amendments to the Capital Markets Law
It said:
“The Communiqué on the Principles of Establishment and Activity of Crypto Asset Service Providers and Communiqué on the Working Procedures and Principles of Crypto Asset Service Providers and Capital Adequacy were published in the Official Gazette and entered into force.”
With these new rules, CMB provides a comprehensive framework to regulate the affairs of crypto entities from their establishment until they cease operations. Under the new regulations, crypto entities must now provide independent auditing reports and proof of reserves.
Interestingly, it also touches on crypto companies’ founders, partners, employees, and managers and the internal workings of such entities. Thus, there are strict requirements for CASPs to have compliance infrastructure, risk management systems, and price monitoring systems to detect suspicious trading activity.
Meanwhile, the communique also states the activities that crypto entities can engage in. These include trading, storage, and transfer of digital assets. Based on these activities, it is clear that only crypto exchanges, custodians, and wallet providers can operate as CASPs in the country.
New rules boost Turkey crypto AML standards
While the new framework focuses mostly on aligning the country’s crypto entities with global standards, some of its rules touch on anti-money laundering (AML) standards. Under the new regulations, CASPs must comply with structured reporting requirements and provide information about their operations to the regulator.
They are also expected to record sizable transaction data, including customer number, crypto asset (the nature of the order, whether it is buy or sell), order serial number, validity period, amount, date and time of receipt and execution, etc. Exchanges must record this information for all initiated transactions, including those later canceled, modified, or failed to execute.
This stringent standard complements Turkey’s existing AML regulation, which was passed in 2024 and became effective in February 2025. Under the regulation, CASPs must confirm users’ identities for any transaction above 15,000 Turkish Lira (approximately $409).
More countries focus on crypto regulations
Meanwhile, the move by Turkey highlights the global trend in crypto regulatory efforts. More countries are embracing crypto regulations, which stakeholders believe is because of President Donald Trump. Trump’s election has made the US one of the key leaders in crypto policies,
According to Binance CEO Richard Teng, Trump’s stance is a major catalyst that will encourage other regulators to embrace crypto and regulate the industry. However, regulators’ approaches to regulation have differed. Recent crypto regulatory efforts have focused on preventing its use for illegal activities.
Pro-Bitcoin country El Salvador recently signed a cooperation agreement with Paraguay to combat the illegal use of cryptocurrencies. South Korea’s Financial Intelligence Unit (FIU) is also working on improving its AML laws to target crypto-related crimes, while the US and Nigerian Governments have partnered to investigate and prosecute crypto financial crimes.
The focus on preventing illicit activities through crypto appears to have gained momentum following the hack of the Bybit exchange by North Korean hacker group Lazarus, which led to the theft of over $1.4 billion worth of assets.
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