Turkey Advances Crypto Oversight with New Regulatory Framework
by aria-crypto.com
March 14, 2025 at 03:46
Turkey Advances Crypto Oversight with New Regulatory Framework
Turkey has recently imposed stringent regulations on the cryptocurrency market, mandating comprehensive oversight by the Capital Markets Board (CMB). As part of efforts to address FATF gray list concerns, these new measures require crypto asset service providers (CASPs) to fulfill specific pre-operation obligations and insure user-held digital assets. This regulatory shift follows statements from Turkish Finance Minister Mehmet Simsek about the CMB's critical role in supervising crypto firms. Initially, the lack of such regulations had facilitated illegal activities such as money laundering through cryptocurrencies, contributing to a surge in crypto-related scams within the country. Founders of CASPs must now exhibit financial integrity and maintain a clean legal record; failure to meet these standards can lead to CMB denying operation licenses. Additionally, CASPs are obliged to meet determined capital requirements, paid entirely in cash to ensure financial stability. The CMB holds the authority to enforce these regulations strictly, including the power to revoke operating permits or disqualify individuals from crypto operations for any misconduct. This development signifies a significant step in Turkey's efforts to create a safer and more regulated crypto environment.
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