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Turkey Strengthens Crypto Regulations with Focus on CASPs
In a move to strengthen the security and compliance of its cryptocurrency market, Turkey’s Capital Markets Board (CMB) has introduced new regulations for Crypto Asset Service Providers (CASPs). The updated rules aim to ensure transparency and better regulatory oversight in the sector.
The newly implemented regulations require CASPs to identify users involved in transactions exceeding 15,000 Turkish liras ($409), a significant step towards preventing fraud and money laundering. Furthermore, these new rules mandate CASPs to maintain records of all transactions, including those that have been canceled or unexecuted, thereby increasing transparency and accountability.
This move follows the recent adoption of anti-money laundering (AML) legislation in Turkey, which aims to combat rising crimes in the cryptocurrency sector. The CMB’s decision demonstrates a significant progression towards creating safe and controlled crypto market frameworks globally, echoing trends observed in other nations such as the United States and South Korea.
The new regulations also place a strong emphasis on licensing, operational monitoring, and compliance checking to ensure CASPs meet national and international legal requirements. This enhanced regulatory framework is expected to boost trust and confidence among investors and traders in Turkey’s crypto market.
As global authorities increasingly emphasize the need for robust regulation, Turkey’s actions serve as an exemplary model for other countries seeking to establish a trustworthy and secure environment for cryptocurrency transactions.
Source: https://cryptonewsland.com/turkey-strengthens-crypto-regulations-with-focus-on-casps/
