Turkey is taking a significant step forward in strengthening the country’s crypto regulations. In an astounding development, Turkey’s Capital Markets Board (CMB) has released regulatory updates focusing on crypto asset service providers (CASPs).
Notably, this move comes at a critical juncture, as the crypto market is facing increasing threats. As the need for robust crypto regulations has become more pressing than ever, more countries are launching new rules. Turkey’s latest regulatory update is a significant step in this direction, aiming to create a more secure and transparent crypto market.
Turkey Launches Crypto Regulations: CASPs on Focus
Today, Turkey released regulatory updates related to the licensing and operations of Crypto Asset Service Providers (CASPs). In particular, the Turkish Capital Markets Board has assumed comprehensive regulatory oversight of crypto asset platforms, encompassing licensing, operational supervision, and compliance enforcement for CASPs.
Interestingly, the CMB unveiled a regulatory framework for CASPs comprising crypto exchanges, custodians, and wallet services. The new rules allow the CMB to exercise comprehensive oversight, ensuring CASPs adhere to both domestic and international regulatory standards. The framework also outlines specific standards and requirements for establishing and operating crypto asset services in Turkey.
Turkey’s Regulatory Move Boosts AML Rules
In December 2024, Turkey implemented Anti-Money Laundering (AML) rules to tackle the increasing fraudulent activities related to crypto. The move mandated the disclosure of users’ identities to CASPs for transactions exceeding 15,000 Turkish liras (approximately $409).
Significantly, Turkey’s latest crypto regulations are also expected to boost the AML rules. With the new rule, the CMB mandates CASPs to record and maintain detailed transaction data, including canceled and unexecuted transactions.
The Turkey crypto regulations come amidst the global powers’ endeavor to establish a comprehensive regulatory framework that ensures crypto growth and user protection. The United States, under President Donald Trump, is envisioning a regulatory overhaul to position the country at the forefront of the global crypto landscape.
Global Crypto Regulations: An Overview
In a bid to tackle the growing crypto threats and attacks, countries across the world are introducing stringent regulations. The Turkey crypto regulations were announced following El Salvador’s plans to strengthen crypto rules, in collaboration with Paraguay.
In addition, South Korea’s Financial Intelligence Unit is strengthening the AML laws. Remaining committed to tackling the crypto crimes, the FIU is discussing the potential implications of the regulations.
Moreover, Turkey’s latest move marks a significant development in the global crypto regulatory landscape. As the global crypto landscape continues to evolve, it is likely that other countries will follow suit, introducing their own regulatory frameworks to address the growing threats and opportunities in the crypto space.
The post Turkey Strengthens Crypto Regulations, Introduces New Rules for CASPs appeared first on CoinGape.
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