23.01.2025 12:41
The Capital Markets Board (CMB) has completed comprehensive regulations for the cryptocurrency market. Regulations that introduce risk-based capital adequacy, a listing committee, and the requirement for CMB approval are of great concern to cryptocurrency platforms and investors in our country. The new rules aim to enhance investor safety.
Turkey continues to take significant steps to regulate the cryptocurrency markets. With the new regulations from the Capital Markets Board, the operational and capital adequacy requirements for cryptocurrency service providers have been clarified. These regulations were implemented with the aim of increasing investor confidence and ensuring market order.
A New Era in Turkey's Cryptocurrency Markets: Comprehensive Regulations from the CMB
The Capital Markets Board (CMB) has concluded its comprehensive work on the regulation of the cryptocurrency market. The Board has completed the secondary legislation that establishes the fundamental principles and rules regarding the custody and transfer of cryptocurrencies.
As the number of countries accelerating cryptocurrency regulations worldwide increases, the European Union and the United Kingdom are working on new regulations that will come into effect in 2026. During this process, Japan and Singapore have also established their own legal frameworks.
The legal status of cryptocurrencies in Turkey was clarified with the amendment to the Capital Markets Law, which was accepted in the General Assembly of the Grand National Assembly of Turkey on June 26, 2024. According to information obtained from the Ministry of Treasury and Finance, the secondary regulations prepared by the CMB have reached the final stage.
Under the new regulations, risk-based capital adequacy requirements will be imposed on cryptocurrency service providers, and the establishment of internal audit, control, and risk management units will become mandatory. A special committee will be formed for the listing processes of the platforms, and this committee will make decisions regarding the inclusion or removal of cryptocurrencies from the platform.
According to the regulations, cryptocurrency service providers will be required to obtain permission from the CMB before starting their operations. Existing service providers will also need to comply with the specified conditions. Additionally, all platforms and custody institutions will report customer balances by working in integration with the Central Securities Depository. Under the drafts that have reached the final stage and are expected to be published very soon, cryptocurrencies listed by cryptocurrency platforms cannot be traded with leverage, nor can they be subject to derivative contracts, margin trading, short selling, and lending transactions.
Minister of Treasury and Finance Mehmet Şimşek stated that the prepared regulations differentiate from other countries' practices with a risk-based capital approach. Şimşek emphasized that the regulations will enhance market reliability and contribute to the prevention of money laundering.