Turkey Implements New Regulations for Cryptocurrency Sector

Turkey's Capital Markets Board (CMB) has announced new regulations for the cryptocurrency sector, marking a significant step in the country's efforts to establish a formal framework for digital assets. 

Under these regulations, all cryptocurrency exchanges operating on the streets must cease their activities by November 8, 2024. Instead, online platforms will be restricted to accepting orders solely through official websites, mobile applications, or registered phone lines.

The newly approved rules also stipulate that while Non-Fungible Tokens (NFTs) and virtual game assets are exempt from standard listing requirements, platforms handling these assets must inform the CMB. This move aims to enhance oversight and consumer protection in a market that has seen rapid growth and significant investment in recent years.

Turkey has emerged as a major player in the global cryptocurrency market, with an estimated 20 million crypto investors. The push for regulation comes in the wake of past incidents, such as the collapse of the Thodex exchange in 2021, which left many investors at a loss. The new regulations are part of broader efforts to align Turkey's crypto landscape with international standards and to foster a safer environment for both investors and operators.

As Turkey continues to develop its regulatory framework, industry experts anticipate that these measures will help stabilize the market and promote responsible growth within the cryptocurrency sector.