Turkey Introduces New Crypto Regulations: Stricter Oversight for Exchanges and Custodians

Turkey has taken a significant step toward regulating its cryptocurrency sector, introducing a comprehensive framework for crypto asset service providers (CASPs). The new rules, published by the Capital Markets Board (CMB) on March 13, grant the regulatory body full oversight of crypto platforms, ensuring compliance with both national and international standards.

Key Aspects of the Regulation

The framework applies to crypto exchanges, custodians, and wallet service providers, setting standards for capital requirements, operational oversight, and compliance.

• Capital Requirements:

  • Exchanges must maintain a minimum capital of $4.1 million.
  • Custodians face a higher threshold of $13.7 million.
  • Certain financial assets—such as fixed assets and receivables—are excluded from capital calculations.

• Compliance & Risk Management:

  • CASPs are required to establish compliance infrastructure and dedicated risk management teams.
  • A price monitoring system must be implemented to detect and report suspicious trading activity.
  • Providers must adhere to strict reporting standards, regularly supplying detailed transaction data to the CMB.

AML and Transaction Monitoring

The new framework strengthens Turkey’s Anti-Money Laundering (AML) measures, obligating CASPs to record extensive transaction data, including canceled and unexecuted transactions.

This builds on AML regulations introduced in December 2024, which require users to provide identifying information for transactions exceeding 15,000 Turkish liras ($409).

Ban on Crypto Derivatives, ICOs Allowed

• Crypto derivative trading is prohibited under the new regulations.
• However, exchanges can conduct Initial Coin Offerings (ICOs), provided they review smart contracts and comply with listing criteria.
• The status of security tokens remains undefined, though their issuance is not explicitly prohibited.

Effective Date & Global Alignment

Most provisions will take effect on June 30, 2025, with full enforcement expected by year-end. The new framework aligns with international standards, following models like Europe’s MiCA and US SEC regulations.

Crypto Payments Still Banned

Despite the regulatory advancements, using cryptocurrencies for goods and services in Turkey remains prohibited due to Central Bank restrictions.

With these new measures, Turkey aims to solidify its position as a major crypto market while mitigating financial risks and ensuring investor protection.