The Turkish Capital Council (CMB) stated that he intends to establish new rules that will tighten control over the Critical Industry and bring the national digital asset market in accordance with world standards.

The new rules for access to operations in the digital assets market and regulation of the activities of cryptocurrency exchanges and investors were published on Thursday, March 13. According to the document, cryptocurrencies, castodial services and purse providers are now required to obtain a license and meet the requirements for reporting and security. The minimum capital for exchanges is set at 150 million Turkish lires ($ 4.2 million), and 500 million lires ($ 14 million) for casteodial providers.

The new rules are banned by trading in digital assets using a credit shoulder and the obligatory personality verification for transactions in the size of over 15,000 lire ($ 425). According to the regulator, this measure will reduce risks for unskilled retail investors.

In addition, national cryptocurrency platforms will be required to create standing booking committees to approve and exclude assets, as well as transfer client funds for storage to commercial banks, which is designed to increase the transparency of exchange transactions and protect users.

The CMB explained that changes in the rules are inspired by the experience of European regulation of crypto and the requirements of the US Securities and Exchange Commission (SEC).

Earlier, CMB said that from February 25, all retail crypto -investors are obliged to provide identification data to suppliers of crypto services after each transaction with digital assets worth more than 15,000 Turkish lire ($ 425).