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Turkey has taken a significant step towards regulating its cryptocurrency market by introducing stricter rules for exchanges and service providers. The Capital Markets Board (CMB), the country’s financial regulator, will now oversee all crypto asset platforms, covering licensing, operations, and compliance requirements.
This new framework sets clear guidelines for companies offering crypto-related services, ensuring they adhere to national and international financial standards. The regulations include specific rules about how businesses can operate, such as requiring a minimum starting capital, verifying the backgrounds of executives, and disclosing shareholder structures.
To prevent financial crimes, service providers in Turkey must invest in compliance systems and establish dedicated risk management teams that identify suspicious activity and prevent illegal transactions. Additionally, exchanges are expected to set up price monitoring systems to detect unusual trading patterns, aiming to prevent market manipulation and ensure fair trading practices.
The regulations also introduce stronger reporting requirements for crypto platforms. They must provide detailed transaction data to the CMB, including information on canceled and unexecuted transactions. Furthermore, if a transaction is flagged as suspicious due to insufficient identifying information, service providers will have the authority to stop or limit the transfer. This measure aims to prevent individuals from using anonymous wallets to bypass regulations.
Turkey has taken an important step in following global trends by introducing these stricter rules. The European Union recently implemented the Markets in Crypto-Assets (MiCA) law, setting a new standard for cryptocurrency regulation worldwide.
