Turkey is advancing its cryptocurrency regulations with new rules for crypto asset service providers (CASPs).

On March 13, the Capital Markets Board (CMB) of Türkiye published two regulatory documents related to the licensing and operations of CASPs, including crypto exchanges, custodians and wallet service providers.

The framework grants the CMB full oversight of crypto platforms, ensuring compliance with national and international standards.

It also sets standards and requirements for establishing and providing crypto asset services in Turkey, such as establishment capital, history of executives, shareholder rules and others.

Stricter requirements for CASPs

Under the framework, CASPs will be required to invest in compliance infrastructure and may face challenges adapting to the new regulatory environment. CASPs will also have to adhere to stringent reporting requirements, providing the CMB with timely and accurate information about their operations.

According to the document, Turkey’s new crypto regulations align with global standards and follow regulatory approaches set by Europe’s Markets in Crypto-Assets Regulation (MiCA) and the US Securities and Exchange Commission.

The regulations also target stricter trading requirements for Turkish investors, introduce potential stablecoin restrictions and address the decentralized finance (DeFi) market in Turkey.

This is a developing story, and further information will be added as it becomes available.

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