- Turkey’s Capital Markets Board introduces new regulations for CASPs, ensuring better transparency and compliance in the crypto market.
- The updated rules include compulsory user identity disclosures for transactions over 15,000 Turkish liras.
- Turkey’s regulatory move is part of a broader global effort to enhance crypto market security and establish strong frameworks.
Turkey has continued making attempts to promote its crypto market with new rules for CASPs (Crypto Asset Service Providers). Turkey’s Capital Markets Board (CMB) has submitted new rules to regulate the crypto-asset platforms as a significant step towards the legalization process for the existent crypto-based platforms.
New Regulatory Framework for CASPs
Currently, the CMB has developed regulations for the CASPs, which also incorporate crypto exchanges, custodians, and wallets. These new rules will ensure that CASPs meet legal requirements that exist at the national and international level. These measures will pertain to licensing, operational monitoring, as well as compliance checking, so that Turkey has a trustworthy and safe crypto market.
The new Turkish AML legislation was enacted in December 2024, and it aimed at preventing fraud in the cryptocurrency market. These rules said that CASPs must identify users for transactions that are more than 15,000 TL (approximately $409).
These CASP measures are further boosted by the most recent regulations that require CASPs to keep records of all transactions, including those that have been canceled or unexecuted. This has been intensified in a bid to curb various malpractices within the sector and enhance the transparency of cryptos.
Turkey’s Role in Global Crypto Regulation Trends
The Turkish regulatory changes emerge at a time when many nations worldwide work on establishing strict crypto market regulations. The United States investigates regulatory changes to boost its position in worldwide crypto industry operations. Similar to South Korea other nations adopt improved AML regulations to combat rising crimes in the cryptocurrency sector.
The crypto market challenge pushes forward new regulatory frameworks, which several nations will implement by following Turkey’s approach. Turkey’s recent actions demonstrate a significant progression toward creating safe and controlled crypto market frameworks globally.
