The new cryptographic regulations in Türkiye include strict licenses and capital requirements, ensuring that only stable financial companies operate in the sector.
Turkey has unveiled a new set of cryptocurrency regulations, placing the Market Board capital (CMB) in full control of the sector. The new framework describes strict criteria for cryptographic asset service providers (CASPS), including financial integrity and legal compliance, before they are authorized to operate. This decision is part of the government’s efforts to improve the protection and stability of investors on the cryptography market. In addition, Caps are now necessary to ensure the assets of user cryptography, further strengthening security.
The new regulations also introduce substantial requirements for granting licenses and capital for cryptographic companies. The founders must demonstrate financial stability and capital must be paid in cash, with minimum thresholds determined by the CMB. Failure to comply with these standards could result in the refusal of operating licenses. To guarantee compliance, the CMB obtained the power to revoke licenses and impose penalties on companies that violate the rules.
These new rules are part of Turkey’s broader effort to strengthen its financial regulatory framework and secure the implementation of the gray list of the Financial Action Work Group (FATF). By increasing the monitoring and promotion of transparent operations, Turkey aims to make the sector of the cryptocurrency more secure without stifling innovation, positioning itself as a secure hub for blockchain technology and cryptographic trading.
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