Turkey is taking decisive action in the cryptocurrency sector by imposing stricter controls and introducing new measures to organize the market.
Blocking of Crypto Platforms
Turkey's Capital Markets Board (CMB) has blocked access to 46 cryptocurrency websites, including PancakeSwap, which is the second-largest decentralized exchange globally. According to an official statement by the CMB, these platforms were providing 'unlicensed asset services' to Turkish residents, violating the country's Capital Markets Law.
New Cryptocurrency Regulations
Under the new rules, crypto platforms are required to identify and verify their users, especially for transactions involving unverified wallet addresses. Users are also expected to provide a transaction description of at least 20 characters. If a transaction appears suspicious, providers can flag it as high-risk and suspend transfers.
Global Crackdown on Cryptocurrencies
Turkey joins other countries, such as Russia and Kazakhstan, in implementing restrictions on crypto platforms without local authorization. Critics view these actions as part of efforts to stabilize the nation's economy and protect citizens from scams in volatile financial markets. Despite public outrage in 2021 over the ban on using digital assets for payments, new measures remain in effect.
The tightening of cryptocurrency controls in Turkey highlights regulatory efforts to establish market order and provide legal clarity for users, which may lead to significant changes in the country's cryptocurrency landscape.
