13.03.2025 11:04
In Turkey, cryptocurrency service providers have gained a legal framework with new regulations published in the Official Gazette. Comprehensive principles ranging from capital requirements to risk management are guiding institutions towards a stronger and more reliable structure. These regulations include critical steps aimed at improving the quality of services in the sector.
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The new regulations published in the Official Gazette clearly outline all the principles regarding the activities of cryptocurrency service providers. The Capital Markets Board expects platforms to meet detailed criteria ranging from custody services to risk management with this step. This approach aims to create a secure ecosystem in the sector and to maintain investor satisfaction.
A Capital Requirement of 150 Million TL Has Arrived
The Capital Markets Board (CMB) published two important regulations regulating the cryptocurrency sector in the Official Gazette dated March 13, 2025. The regulations titled "Communiqué on the Principles of Establishment and Activities of Cryptocurrency Service Providers" and "Communiqué on the Working Procedures and Principles and Capital Adequacy of Cryptocurrency Service Providers" introduce detailed rules for platforms and custody institutions operating in the sector.
The regulations require cryptocurrency service providers to be established as joint-stock companies, to have all their shares registered, and to pay their founding capital in cash. The minimum founding capital is set at 150 million TL for platforms and 500 million TL for custody institutions.
The new regulation introduced by the CMB includes serious measures for the protection of customer assets. Accordingly, at least 95% of the cryptocurrency assets belonging to customers will have to be held in custody institutions authorized by the Board. Platforms will only be able to hold 5% of customer assets in-house, and this ratio must not exceed 10% at any time during the day.
According to the regulations, platforms will not be able to hold customer cash directly. All customer cash will be held in accounts opened with banks, and these accounts will be monitored separately from the platform's own accounts. Customer accounts cannot be used as collateral for loans, and restrictions such as blocking or pledging in favor of the platforms cannot be applied to these accounts.
The new regulations introduce detailed rules for activities such as the buying and selling of cryptocurrencies, initial sales or distributions, custody, and investment advisory. The criteria for the cryptocurrencies that platforms will list are also specified in detail in the regulations. Cryptocurrency wallet addresses must not have the feature of hiding, the project owner must not be granted unilateral extraordinary rights, and they must be capable of being stored in cold wallets.
The regulations also include technical requirements such as the establishment of a price monitoring system, management of conflicts of interest, a reconciliation system, and the obligation to integrate with the Central Securities Depository (CSD). Cryptocurrency service providers will be required to undergo independent audits of their information systems and to conduct proof of reserves audits.
A transition period for existing cryptocurrency platforms is also included in the regulations. Accordingly, existing platforms must apply for an operating license by June 30, 2025. Additionally, they are required to meet capital adequacy requirements and other obligations by the same date.
The regulations introduced by the CMB aim to provide a legal framework for the cryptocurrency ecosystem in Turkey, thereby gaining trust in the sector and protecting investors. However, the high capital requirements imposed appear to be of a nature that could lead to consolidation in the sector and make it difficult for small-scale platforms to continue their operations.
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