Turkey has introduced new regulations for cryptocurrency exchanges, custodians, and wallet service providers to strengthen oversight and establish operational standards.
Introduction of New Regulations
The Turkish Capital Markets Board introduced a new regulatory framework on March 13, tightening oversight and operational standards for cryptocurrency exchanges, custodians, and wallet service providers.
Reporting and Transparency Requirements
Under the new regulations, crypto businesses are required to adhere to stricter reporting and transparency standards. They must prepare numbered transaction forms detailing the type, quantity, and price of crypto assets, along with any commissions and expenses. Platforms will also be required to provide monthly account statements to their customers, which must include detailed information on all crypto assets bought, sold, or transferred. Customer orders can only be received through platforms’ official websites or mobile apps and can't be processed via social media like X or Telegram.
Restrictions on Cryptocurrency Platforms
Along with the new operational requirements, platforms are also banned from specific activities. For instance, crypto asset service providers cannot collect deposits, buy or sell real estate for commercial purposes, or make false promises about expected returns. These measures follow the approval of a comprehensive crypto bill enforcing strict compliance measures.
The new regulations have generated interest among international crypto firms seeking licenses to operate legally in Turkey, with a total of 47 exchange applications received.
