On March 13, the Turkish Capital Markets Board (CMB) published two regulatory documents that establish new rules for crypto asset service providers in the country.
Key Provisions of New Rules
The CMB now has authority over licensing, operations, and compliance of crypto asset platforms. This framework ensures adherence to both national and international standards.
Requirements for Crypto Services
The new regulations set minimum establishment capital, conduct checks on executives, and impose rules on shareholders. Crypto service providers must invest in compliance infrastructure and establish risk management teams.
Comparison with International Standards
Turkey's regulatory update aligns with global standards such as the MiCA in Europe and the U.S. SEC, strengthening the country's Anti-Money Laundering (AML) standards.
The updates in Turkey's crypto regulations may influence other nations seeking to enhance their cryptoasset and security standards.
