Turkey Strengthens Crypto Regulations with New Oversight for Service Providers
Turkey is making significant strides in bolstering its cryptocurrency regulations with new updates targeting crypto asset service providers (CASPs).
This development is especially timely as the crypto market faces increasing risks, prompting the need for stronger regulations. Turkey’s latest measures are aimed at ensuring a safer and more transparent environment for cryptocurrency activities.
The Turkish Capital Markets Board (CMB) has rolled out new rules to oversee the licensing and operations of CASPs, which include crypto exchanges, custodians, and wallet services. These regulations empower the CMB to monitor and enforce compliance with both local and global standards, setting clear guidelines for the establishment and operation of crypto services in the country.
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Turkey is also strengthening its anti-money laundering (AML) initiatives. In December 2024, new rules were introduced requiring CASPs to collect and verify the identities of users for transactions exceeding 15,000 Turkish liras (around $409). The latest updates to the regulations enhance these measures, mandating that CASPs maintain detailed records of all transactions, including canceled or unexecuted ones.
This move is part of a broader global trend, with various countries tightening their crypto regulations to address increasing threats and ensure the sector’s growth and protection. For instance, nations like El Salvador and Paraguay are strengthening their frameworks, and South Korea is reinforcing its AML laws. As these regulations continue to evolve, Turkey’s actions signal an important shift in the global approach to crypto governance, likely prompting other nations to introduce similar measures in the future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
