Crypto Exchanges in Turkey Issued New Regulations from Turkish Capital Markets Board

Turkey has around 76 exchanges which trade in crypto. And they have applied and got the approved regulated license. And the nation is coming out as a crypto hub and Europe and Middle eastern business are finding it as a hub for international settlements.

Turkey has decided to comply with IMF and choose to regulated for the anti money laundering and decided to create regulations and the rules which would make the exchange rules possible.

Recently they released the update through the regulations made by Turkish Capital Markets Board. As per one of the twitter post this update has released.

Exchanges are obliged to keep the cash of the customer funds into the banks. And they are not allowed to put it overseas or the places where they can’t reason with govt. They are also restricted from transacting outside their exchanges, so the app, exchange website and the POS are required.

Just like the stock trading there would be same type of the restrictions and the limitations with the crypto trading too. NFT and the gaming assets also get included into the exchanges and this means all the digital assets come under the regulation.

Liquidity and P2P markets too would be watched and those transactions would come under the taxes and the regulation. So nothing is going to check out the boxes unless regulation takes over. A lot of custody and the regulation would come into the play.

A lot of rules and regulations are already out in the turkey. More to follow as the market changes and the marketplace come up with new laws and the restrictions.