PANews reported on March 13 that according to Cointelegraph, Turkey is advancing its cryptocurrency regulation by formulating new rules for crypto asset service providers (CASPs). On March 13, the Turkish Capital Markets Board (CMB) issued two regulatory documents related to the licensing and operation of CASPs, including cryptocurrency exchanges, custodians, and wallet service providers. The framework gives the CMB full supervision over crypto platforms to ensure that they comply with domestic and international standards. It also sets out standards and requirements for establishing and providing crypto asset services in Turkey, such as establishing capital, executive history, shareholder rules, etc. Under the framework, CASPs will need to invest in compliance infrastructure and may face challenges in adapting to the new regulatory environment. CASPs must also comply with strict reporting requirements to provide the CMB with timely and accurate information about their operations.

According to the document, Turkey’s new crypto regulations are aligned with global standards and follow the regulatory approach developed 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.