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Turkey’s financial authority has introduced new stipulations for the operation of crypto-asset service providers (CASP) within the country. This initiative aims to ensure transparency, safeguard investors, and integrate digital assets into the financial system.
The Capital Markets Board of Turkey (CMB) has published two documents that will serve as the foundation for regulating the crypto market in the country. This initiative is intended to establish a clear regulatory framework to promote industry growth while upholding security and user protection standards.
According to an official announcement from the CMB, the new regulatory measures for Turkey’s cryptocurrency sector include:
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- Licensing. All crypto exchanges and platforms operating in Turkey must obtain a CMB license.
- Anti-money laundering (AML) and counter-terrorism financing (CFT) protocols. Companies are required to implement AML and CFT procedures, including Know Your Customer (KYC) identification and monitoring of suspicious transactions.
- Investor protection. Standards are set to ensure transaction transparency and protect investors’ interests, including mandatory disclosure of risks associated with cryptocurrency investments.
- Capital and reserve requirements. Crypto firms must be established as joint-stock companies with a minimum share capital of fifty million Turkish lira (~$1.4 million).
- Reporting and auditing. Regular financial reporting and independent auditing requirements are introduced to ensure transparency and trust in the operations of crypto firms.
- Penalties for non-compliance. Operating without a license in Turkey may result in fines ranging from $7,500 to $182,600, along with prison sentences of three to five years for individuals.
These measures are anticipated to legitimize crypto firms in Turkey and foster trust with traditional finance (TradFi) participants. Additional requirements for crypto companies will aid in reducing fraud risks and enhancing transaction transparency. This initiative can also be viewed as establishing the groundwork for institutional adoption of cryptocurrencies in Turkey, where demand is already significant.
Turkey’s financial regulator began developing the crypto service provider bill at the end of 2023.
Сообщение Turkey Sets Regulatory Standards for Crypto Corporations появились сначала на CoinsPaid Media.
