A naukri.com initiative
99Bitcoins
2M
404
Turkey Tightens Crypto Regulations: CMB Gains Full Control Over Digital Assets
- Turkey has granted its Capital Markets Board full control over the crypto asset service providers (CASP) to regulate the fast-growing crypto market.
- Key provisions align Turkey’s crypto regulations with international standards, requiring adherence to compliance criteria.
- Crypto exchanges in Turkey now need at least $4.1 million in minimum capital, while custodians must hold $13.7 million in liquid reserves.
- The guidelines mandate investments in compliance infrastructure, risk management teams, and price monitoring systems for CASPs.
- Requirements include rigorous reporting obligations to provide transparent information to the CMB, improving anti-money laundering procedures.
- Derivative transactions with cryptocurrencies are forbidden to reduce speculative trading, while exchanges can conduct ICOs under strict guidelines.
- Turkey strengthens crypto regulations to comply with FATF grey list standards, enhancing oversight on digital asset transactions and licenses for crypto firms.
- The new regulations aim to safeguard investors, reduce volatility, and align Turkey's crypto framework with international counterparts for cross-border payments.
- Mixed responses from the Turkish crypto industry include concerns over operational costs and compliance challenges, alongside expectations of attracting institutional investments.
- The regulations are seen as a step towards sustainable growth and market stability, posing opportunities and challenges for the Turkish crypto landscape.
Read Full Article
24 Likes
For uninterrupted reading, download the app