Turkey has unveiled new cryptocurrency regulations that grant the Capital Markets Board (CMB) full oversight of crypto platforms. The regulations also stipulate obligations that crypto asset service providers (CASPs) must meet before commencing operations, as well as the requirement to insure crypto assets belonging to users.
The unveiling of a Communique on digital asset regulations comes just over a year after Turkish Finance Minister Mehmet Simsek said the CMB would be responsible for overseeing crypto firms. As reported by Bitcoin.com News at the time, the establishment of a regulatory regime for cryptocurrencies was one of the conditions Turkey had to meet to get off the Financial Action Task Force (FATF) gray list.
Prior to the unveiling of the new regulations, Turkey’s lack of laws on crypto is said to have hampered the country’s ability to monitor and regulate the flow of digital assets. The absence of such laws saw criminals and terrorists exploit the regulatory gaps to launder money and fund illicit activities using cryptocurrencies.
Besides being added to the FATF gray list, Turkey has seen its fair share of crypto scams, which some critics tie to its lack of laws governing the crypto industry. However, under the recently announced legal regime, founders seeking to launch and operate as CASPs will be required to meet specific criteria, including financial integrity and a clean legal record. Failure to meet the set criteria could result in the CMB refusing to issue an operating permit.
The law also requires CASPs to meet set capital requirements, with the capital needing to be paid in cash.
“The establishment capital must not be less than the amount to be determined by the Board, provided that it is not less than the minimum capital amount foreseen in accordance with the Board’s regulations regarding the capital adequacy of crypto asset service providers, its entire capital must be paid in cash and its equity capital must not be less than this amount,” the Communiqué states.
Under the new rules, the CMB is empowered to exact punishment for violations or misconduct by operators of CASPs. The punishment meted out can range from the revocation of an operating permit to the disqualification of individuals from holding positions in a CASP.
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