Odaily News The Capital Markets Board of Turkey (CMB) issued two regulatory documents on March 13, formally establishing a comprehensive regulatory framework for crypto asset service providers (CASPs), covering cryptocurrency exchanges, custodians and wallet providers.
According to the new regulations, CMB will strictly regulate crypto platforms, requiring service providers to meet the requirements of registered capital, management background review and shareholder structure. In addition, CASP needs to invest in compliance infrastructure and comply with strict reporting systems to provide operational data to CMB on a regular basis. The new regulations draw on the European Crypto Asset Market Regulation (MiCA) and the regulatory approach of the U.S. Securities and Exchange Commission to strengthen market supervision.
The regulations also set stricter trading requirements for local Turkish investors, may impose restrictions on stablecoins, and involve regulation of the decentralized finance (DeFi) market. (Cointelegraph)