Cryptocurrency service providers will operate under new rules in Turkey

New rules for cryptocurrency service providers came into effect in Turkey on March 13. The country's Capital Markets Board has released two regulatory documents regarding the licensing and provision of cryptocurrency services, which concern crypto exchanges, custodial services, and wallet developers.

The new initiatives will ensure full oversight of cryptocurrency exchanges, which will operate in accordance with national and international standards. Additionally, standards will be implemented for cryptocurrency companies regarding capital requirements, executive experience, and more. For exchanges, the minimum required capital is now set at least $4.1 million, and for custodial services, it is at least $13.7 million.

The new cryptocurrency rules in Turkey align with global standards and the regulatory approaches established by the European Markets in Crypto-Assets Regulation (MiCA) and the U.S. Securities and Exchange Commission.

Earlier, we reported that the cryptocurrency exchange Coinbase informed Turkish authorities that it is withdrawing its preliminary application to offer services to the country's citizens.