Türkiye’s crypto market faces more regulations
ANKARA
Türkiye’s Capital Markets Board has drafted secondary regulations governing the storage and transfer of crypto assets, following a comprehensive law enacted last year to regulate the market.
These regulations are set to introduce several pivotal changes, including a prohibition on leveraged trading of listed cryptocurrencies on platforms.
Moreover, derivative contracts, margin trading, short selling and lending will be also prohibited.
A mandatory listing committee will be established to oversee the listing and delisting of crypto assets on platforms. Cryptocurrency service providers will be obligated to establish robust internal audit, control and risk management units.
Furthermore, such providers will be required to obtain a license from the board to operate. In cases where criminal suspicion arises, authorities will have the power to demand reports from these platforms regarding user balances.
Treasury and Finance Minister Mehmet Şimşek emphasized that many of these regulations are being implemented for the first time globally by Türkiye.
By mandating the recording of investor transactions, these regulations will create a more secure environment for cryptocurrency trading, he said.
“Additionally, they expected to make substantial contributions to combating the financing of crime,” he said.
Turkish parliament adopted a law on June 26, 2024, establishing the initial legal framework for cryptocurrencies in the country.
According to a report by Triple-A, Türkiye ranks third globally in cryptocurrency ownership after the United Arab Emirates and Singapore.
In 2024, the cryptocurrency ownership rate in Türkiye was 19.3 percent. This is 25.3 percent for the United Arab Emirates and 24.4 for Singapore. The most popular cryptocurrencies in Türkiye are Bitcoin and Ethereum, according to a separate report by the Turkish trading platform Paribu.
