Turkish Capital Markets Board Takes Control of Crypto Exchange Oversight

The Turkish Capital Markets Board (CMB) published two regulatory documents on March 13 outlining new rules for crypto asset service providers (CASPs). These regulations affect crypto exchanges, custodians, and wallet service providers operating in the country, according to Cointelegraph reporting.

The CMB now has full regulatory control over crypto asset platforms, taking responsibility for CASP licensing, operations, and compliance. This framework ensures these platforms comply with both national and international standards.

The new regulations set specific requirements for establishing crypto asset services in Turkey. These include minimum establishment capital, background checks on executives, and rules regarding shareholders.

Turkey's regulatory move comes as other nations advance their crypto frameworks. In Spain, banking giant BBVA recently received approval from the financial regulator to offer Bitcoin and Ethereum trading to clients, following the European Union's MiCA regulation taking full effect across member states.

Under the new framework, CASPs must invest in compliance infrastructure and create dedicated risk management teams. They are also required to establish price monitoring systems that can alert authorities to suspicious trading activity.

Turkish crypto service providers face strict reporting requirements and must provide the CMB with timely information about their operations. The regulations strengthen Turkey's Anti-Money Laundering (AML) standards by requiring CASPs to record extensive transaction data, including:

• Canceled transactions
• Unexecuted transactions
• Other significant transaction information

This builds upon earlier crypto AML regulations from December 2024, which required users to share identifying information with CASPs for transactions exceeding 15,000 Turkish liras ($409).

According to official documents, Turkey's updated crypto regulations align with global standards, following regulatory approaches established by Europe's Markets in Crypto-Assets Regulation (MiCA) and the U.S. Securities and Exchange Commission.