Türkiye introduces new regulations to strengthen cryptocurrency regulation, local exchanges and investors face challenges

PANews March 13th news, according to Cointelegraph, Türkiye is promoting its cryptocurrency regulation by setting new rules for cryptoasset service providers (CASPs). On March 13, the Turkish Capital Markets Commission (CMB) released two regulatory documents related to the licensing and operations of CASPs, including cryptocurrency exchanges, custodians and wallet service providers. The framework gives CMB full oversight over the encryption platform, ensuring that it complies with domestic and international standards. It also stipulates standards and requirements for establishing and providing crypto asset services in Türkiye, such as the establishment of capital, executive history, shareholder rules, etc. Under this framework, CASPs will need to invest in compliance infrastructure and may face challenges of adapting to the new regulatory environment. CASPs must also comply with strict reporting requirements and provide CMB with timely and accurate information about their operations.

According to the filing, Türkiye's new crypto regulations are consistent with global standards and follow regulatory approaches established by the European Crypto Assets Market Regulation (MiCA) and the U.S. Securities and Exchange Commission. The regulations also set stricter trading requirements for Turkish investors, introduce potential stablecoin restrictions and address Turkey's decentralized finance (DeFi) market problems.