Turkey and MiCA (Markets in Crypto-Assets) Crypto Requirements 2025

Turkey is not a member of the European Union; however, the EU's Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, has significant implications for Turkish crypto-asset service providers (CASPs) operating cross-border or serving EU-based clients. Turkish CASPs engaging with the EU market must ensure compliance with MiCA to maintain seamless operations and avoid legal obstacles.

Turkey’s crypto regulatory framework is overseen by the Banking Regulation and Supervision Agency (BDDK) and the Financial Crimes Investigation Board (MASAK), which already enforce strict rules for crypto transactions. MiCA introduces additional compliance challenges for Turkish CASPs with cross-border ambitions, making alignment with both domestic and EU regulations essential.

Key MiCA dates relevant for Turkish CASPs:

• June 30, 2024: Provisions for asset-referenced tokens (ARTs) and e-money tokens (EMTs) become applicable in the EU.
• December 30, 2024: MiCA's full provisions come into effect, requiring CASPs to obtain authorization to operate in the EU.
• December 30, 2025: A 12-month transitional period concludes, after which only authorized CASPs may legally provide crypto-asset services in the EU market.

How Scorechain’s AML Compliance Tools Support Crypto-Asset Service Providers (CASPs) in Turkey

Understanding Cross-Border Licensing Requirements

Turkish CASPs targeting EU markets must comply with MiCA’s licensing requirements while adhering to domestic regulations enforced by MASAK. Scorechain offers a compliance framework to help Turkish CASPs align with both domestic and EU regulations, facilitating cross-border operations.

Enhanced Due Diligence (CDD)

Turkey’s Anti-Money Laundering (AML) framework mandates stringent customer due diligence, including identity verification and transaction monitoring. Scorechain’s tools assist CASPs by ensuring wallet screening, risk analysis, and transaction monitoring, aligning with MASAK’s guidelines and MiCA requirements for cross-border activities.

Reporting Obligations

Turkish CASPs report suspicious activities to MASAK. Scorechain’s Suspicious Activity Reporting (SAR) features streamline this process and can be adapted to meet EU standards for cross-border operations, helping Turkish CASPs remain compliant with MiCA while meeting domestic reporting obligations.

Internal Controls

Under MASAK regulations, Turkish CASPs must implement robust internal policies for risk management. Scorechain helps develop tailored compliance programs that align with Turkey’s legal requirements and MiCA’s cross-border provisions, ensuring effective governance and operational security.

Regulatory Oversight and Transparency

Scorechain provides real-time data analytics and reporting dashboards designed to meet MASAK’s transparency standards. These tools are equally effective in addressing MiCA’s requirements for CASPs engaging with EU customers, ensuring smooth interactions with regulators in both Turkey and the EU.

Why Scorechain is Ideal for Turkish CASPs

By integrating Scorechain’s AML solutions, CASPs operating in Turkey can:

• Seamlessly align with MASAK regulations and MiCA’s cross-border requirements.
• Build trust with domestic and EU regulators by ensuring operational transparency.
• Mitigate risks through automated transaction monitoring and robust internal controls.

Scorechain empowers Turkish CASPs to navigate the complex regulatory landscape, ensuring compliance with both Turkish and EU standards while fostering trust in the global crypto market.

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