Turkey brings stricter regulations for crypto exchanges, wallet providers

The Turkish Capital Markets Board introduces new licensing and operational regulations for cryptocurrency exchanges, custodians, and wallet service providers.

Turkish authorities have rolled out a new regulatory framework on March 13 to tighten oversight and operational standards for cryptocurrency exchanges, custodians, and wallet service providers.

The CMB’s new regulations require crypto businesses to adhere to stricter reporting and transparency standards. They must prepare numbered transaction forms detailing the type, quantity, and price of crypto assets, along with any commissions and expenses.

Platforms will also be required to provide monthly account statements to their customers, which must include detailed information on all crypto assets bought, sold, or transferred, per the framework. Moreover, customer orders can only be received through platforms’ official websites or mobile apps and can’t be processed via social media like X or Telegram.

Along with new operational requirements, platforms are also banned from specific activities. For example, crypto asset service providers cannot collect deposits, buy or sell real estate for commercial purposes, or make false promises about expected returns.

The framework comes after the approval of a comprehensive crypto bill that enforces strict compliance measures. As crypto.news reported, the legislation, backed by ruling party chairman Abdullah Güler, imposes severe penalties for non-compliance, including fines of up to $182,600 and potential prison sentences for unauthorized exchanges.

As a result, many international crypto firms have rushed to secure licenses, with 47 exchanges applying to operate legally in Turkey.