Navigating The New Crypto Landscape: Establishment And Operating Conditions For Service Providers Published

Recent Developments

The Communiqué on the Principles Regarding the Establishment and Operating Conditions for Crypto Asset Service Providers numbered III-35/B.1 (the "Communiqué") is published in the Official Gazette dated 13 March 2025 and numbered 32840. The Communiqué, which is in many respects similar to the regulations of the Capital Markets Board (the "CMB") on brokerage firms, introduces critical regulations on several matters such as the establishment and operating license processes for crypto asset service providers (the "CASPs"), personnel requirements, principles to be followed during operations, share transfers, subsidiaries and participation limits, outsourcing regimes, internal controls, internal audit and risk management processes, information system audits and activities that cannot be performed by CASPs.