Turkey brings stricter regulations for crypto exchanges, wallet providers

The board of directors of Turkish capital markets introduces new regulations on licenses and operational for cryptocurrency exchanges, guards and portfolio service providers.

Turkish The authorities deployed a new regulatory framework on March 13 to strengthen surveillance and operational standards for Cryptocurrency exchangesGuardians and portfolio service providers.

CMB New regulations Require cryptographic companies to adhere to more strict reporting and transparency standards. They must prepare numbered transaction forms detailing the type, quantity and price of cryptographic assets, as well as commissions and expenses.

Platforms will also be required to provide monthly account statements to their customers, which must include detailed information on all cryptographic assets purchased, sold or transferred, depending on the frame. In addition, customer orders can only be received via official websites or mobile platform applications and cannot be treated via social media like X or Telegram.

In addition to new operational requirements, platforms are also prohibited from specific activities. For example, cryptographic asset service providers cannot receive deposits, buy or sell real estate for commercial purposes, nor make false promises on expected yields.

The framework comes after the approval of a complete cryptography bill which applies strict compliance measures. Like crypto.News reportedThe legislation, supported by the president of the ruling party, Abdullah Güler, imposes severe sanctions for non-compliance, including fines of up to $ 182,600 and potential prison terms for unauthorized scholarships.

Consequently, many international crypto companies have rushed to obtain licenses, with 47 exchanges that apply to the operation legally in Türkiye.