Turkey has introduced a sweeping regulatory framework for cryptocurrency service providers, bringing exchanges, custodians, and wallet services under tighter government oversight. On March 13, Turkey’s Capital Markets Board (CMB) released new licensing and operational guidelines aimed at increasing transparency and compliance within the industry.

Under the updated rules, the CMB now has full control over crypto platforms, ensuring adherence to both domestic and international regulations. The framework imposes strict conditions on crypto asset service providers (CASPs), including minimum capital requirements, executive background checks, and shareholder regulations. Exchanges must hold at least $4.1 million in capital, while custodians are required to maintain a significantly higher threshold of $13.7 million.

Beyond financial obligations, CASPs must invest in robust compliance systems and establish risk management teams to detect and mitigate threats. The framework also mandates real-time price monitoring tools to flag suspicious trading activities, reinforcing Turkey’s anti-money laundering (AML) efforts. Crypto platforms must now record detailed transaction data, including incomplete and canceled trades, and report regularly to the CMB.

Additionally, the new regulations explicitly prohibit derivative trading with crypto assets. However, exchanges will still be permitted to conduct initial coin offerings (ICOs), provided they meet stringent review and listing standards. Security token regulations remain vague, but purchasing goods and services with crypto remains banned under Turkey’s central bank policies.

The implementation of these new laws will be gradual, with most provisions taking effect by June 30, 2025. Turkey’s regulatory shift aligns its crypto policies with global standards, following the European Union’s MiCA framework and the U.S. Securities and Exchange Commission’s approach to digital assets.