🚨💸 Turkey Cracks Down on Crypto: New Rules for Exchanges, Investors, and More! 🤯

And so, the great Turkish crypto crackdown begins! 🤣 For those who thought they could hide their digital riches, think again, my friends! The Capital Markets Board (CMB) of Turkey has published two regulatory documents that will make your head spin. 💥

On March 13, the CMB decided to take matters into its own hands and impose new rules on crypto asset service providers (CASPs), including crypto exchanges, custodians, and wallet service providers. Because, you know, someone has to keep an eye on all that digital dough! 👀

The framework grants the CMB full control over crypto platforms, ensuring compliance with national and international standards. Because, you know, no one likes a rogue crypto platform! 😂

And, of course, the CMB has set standards and requirements for establishing and providing crypto asset services in Turkey. Because, you know, someone has to keep track of all those pesky requirements! 📝

Stricter requirements for CASPs

Under the framework, CASPs will be required to invest in compliance infrastructure and establish dedicated risk management teams to identify and manage a range of risks. Because, you know, risk management is key! 📊

Turkish CASPs will also have to adhere to stringent reporting requirements, providing the CMB with timely information about their operations. Because, you know, transparency is important! 💡

Additionally, the new framework further strengthens Turkey’s crypto Anti-Money Laundering (AML) standards, requesting CASPs to record significant data sets of transaction information, including canceled and unexecuted transactions. Because, you know, no one likes a money launderer! 🚫

Turkey previously introduced crypto AML regulations in December 2024, requiring users to share identifying information with CASPs for transactions of more than 15,000 Turkish lira ($425). Because, you know, sharing is caring! 🤗

Under the new regime, users executing transactions of more than 15,000 Turkish lira ($425) will be required to share their identifying information with the country’s crypto service providers. Because, you know, transparency is key! 💡

According to the document, Turkey’s new crypto regulations align with global standards and follow regulatory approaches set by Europe’s Markets in Crypto-Assets Regulation (MiCA) and the US Securities and Exchange Commission. Because, you know, global standards are important! 🌎

The regulations also target stricter trading requirements for Turkish investors, introduce potential stablecoin restrictions and address the decentralized finance (DeFi) market in Turkey. Because, you know, DeFi is all the rage! 💸

This is a developing story, and further information will be added as it becomes available. Because, you know, things are always changing in the world of crypto! 🤯

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2025-03-13 14:31