Turkey is stepping up its cryptocurrency regulations with new rules for crypto asset service providers (CASPs), including exchanges, custodians, and wallet services. The Capital Markets Board (CMB) published two key regulatory documents on March 13, outlining licensing requirements and operational standards for the sector.
Under the new framework, the CMB assumes full regulatory control over CASPs, ensuring compliance with both national and international standards. The regulations cover essential aspects such as minimum capital requirements, executive backgrounds, and shareholder rules for companies operating in Turkey’s crypto market.
Strict Capital Requirements for Crypto Platforms in Turkey
One of the most notable aspects of the new rules is the capital requirement for crypto firms. According to international attorney Burcak Ünsal:
- Crypto exchanges must maintain a minimum capital of $4.1 million
- Custodians are required to hold at least $13.7 million
The regulations exclude fixed assets, receivables, and financial assets available for sale from the capital calculation.
Compliance and Risk Management Mandates
CASPs must invest heavily in compliance infrastructure, with dedicated risk management teams tasked with monitoring potential threats. Additionally, they are required to establish a price monitoring system to detect and report suspicious trading activity.
To further enhance transparency, platforms must adhere to strict reporting standards, ensuring that the CMB receives timely updates on their operations.
Strengthened Anti-Money Laundering (AML) Rules
Turkey is also tightening its AML regulations for crypto. CASPs must now record and retain extensive transaction data, including information on canceled and unexecuted transactions.
This builds upon Turkey’s previous crypto AML laws introduced in December 2024, which mandated that CASPs collect identifying information for transactions exceeding 15,000 Turkish liras ($409).
Ban on Crypto Derivatives, But ICOs Allowed in Turkey
The new framework prohibits crypto derivative trading, according to Ünsal. However, exchanges can launch initial coin offerings (ICOs), provided they conduct smart contract reviews and ensure tokens meet listing requirements.
Interestingly, while the regulations remain unclear on security token definitions, their issuance is not explicitly prohibited. Meanwhile, using crypto for payments in Turkey remains banned under the country’s central bank regulations.
Regulatory Implementation Timeline
The new crypto regulations will take effect in phases, with most provisions becoming enforceable by June 30, 2025, and full implementation expected by the end of the year.
By aligning with global regulatory standards, including Europe’s Markets in Crypto-Assets Regulation (MiCA) and the U.S. Securities and Exchange Commission (SEC) guidelines, Turkey is moving toward a more structured and compliant crypto environment.
