Turkey has introduced new cryptocurrency regulations granting the Capital Markets Board (CMB) complete oversight of crypto platforms.
The regulations outline obligations for crypto asset service providers (CASPs) before they can operate, including the requirement to insure user assets.
This announcement follows over a year after Turkish Finance Minister Mehmet Simsek indicated the CMB would oversee crypto firms. Establishing a regulatory framework for cryptocurrencies was necessary for Turkey to be removed from the Financial Action Task Force (FATF) gray list.
Before these regulations, Turkey’s lack of crypto laws hindered its ability to monitor digital assets, allowing criminals and terrorists to exploit gaps for money laundering and funding illicit activities.
