Turkey has introduced a new regulatory framework for crypto asset service providers (CASPs), marking a significant step in the country’s efforts to tighten oversight of the digital asset market. The Turkish Capital Markets Board (CMB) has assumed regulatory authority over crypto platforms, introducing measures aimed at enhancing compliance, security, and transparency.
As per reports, the framework applies to exchanges, custodians, and wallet services, setting operational standards and requiring adherence to both domestic and international regulatory norms.
This move aligns with Turkey’s broader strategy to strengthen financial oversight, particularly in response to rising concerns over fraudulent activities and illicit transactions in the crypto sector. In December 2024, the country implemented new Anti-Money Laundering (AML) regulations, requiring CASPs to verify users’ identities for transactions exceeding 15,000 Turkish liras (approximately $409). The latest regulations build on these measures, mandating CASPs to maintain detailed transaction records, including those that are canceled or unexecuted.
Turkey’s regulatory push comes as global authorities intensify efforts to establish comprehensive crypto frameworks. Governments worldwide are working to strike a balance between fostering innovation and mitigating risks associated with digital assets.
The United States, under President Donald Trump, has signaled plans for a regulatory overhaul to position itself as a leader in the global crypto space. Meanwhile, El Salvador and Paraguay are collaborating on stronger crypto regulations, and South Korea’s Financial Intelligence Unit is reinforcing AML laws to curb financial crimes in the sector.
The evolving regulatory landscape suggests that more nations may follow Turkey’s lead in imposing stricter compliance measures. As the crypto market matures, the demand for clear, enforceable guidelines continues to grow, shaping the future of digital finance on both national and global scales.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.
