24.01.2025 19:01
With the new regulations prepared by the Ministry of Treasury and Finance, the activities of cryptocurrency service providers will be more strictly monitored. From now on, cryptocurrency exchanges will need to obtain permission from the Capital Markets Board (SPK) in order to operate. Additionally, leveraged transactions with cryptocurrencies will not be allowed.
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Turkey is taking significant steps to regulate the cryptocurrency market. The Ministry of Treasury and Finance has reached the final stages of secondary regulation efforts regarding cryptocurrency service providers conducted by the Capital Markets Board. With the new regulations prepared by the Ministry of Treasury and Finance, the activities of cryptocurrency service providers will be subject to stricter supervision.
RISK MANAGEMENT UNITS WILL BE MANDATORY
While determining the minimum capital and equity amounts for service providers, additional capital adequacy requirements based on risk will be introduced to sustainably protect the financial structure of sector stakeholders. It will be mandatory for cryptocurrency service providers to establish internal audit, internal control, and risk management units.
NEED TO OBTAIN PERMISSION FROM THE CMB
Platforms and custodial institutions will need to integrate with the Central Registry Agency (MKK) for customer balance information and provide the reports requested by the agency. Cryptocurrency exchanges will need to obtain permission from the Capital Markets Board (CMB) to operate. Exchanges will be required to have a certain amount of capital.
THESE TRANSACTIONS WILL NOT BE ALLOWED
The operations of exchanges will become more transparent and will be regularly audited, and leveraged transactions with cryptocurrencies will not be allowed. Stricter measures will be taken for the security of customers' assets, and prices will be continuously monitored to prevent market manipulation.
PRICES WILL BE MONITORED
In addition to financial, operational, and technical obligations, cryptocurrency service providers will be required to establish a price monitoring system for cryptocurrencies whose prices are formed domestically, in accordance with legal provisions. Market-distorting actions will be detected, and necessary actions and sanctions will be applied.
MINISTER ŞİMŞEK: WE WILL PROVIDE A TRUST ENVIRONMENT FOR INVESTORS
Minister of Treasury and Finance Mehmet Şimşek stated that the draft regulations prepared contain quite detailed and comprehensive elements compared to regulations in other countries. Şimşek said, "The risk-based regulation example regarding capital is not found in the regulations of other country authorities. The steps we are taking will enable the market to operate effectively and create a trust environment among investors. We aim to create a set of rules that impose controlled obligations on cryptocurrency service providers, clearly defined frameworks, and are applicable by market actors." he said.
"INVESTOR TRANSACTIONS WILL BE RECORDED"
With these regulations, investor transactions will be recorded, thus creating a safer environment for cryptocurrency transactions, Şimşek said, "We have provided the markets with a new tool in terms of increasing the diversity of financial instruments and developing the fintech ecosystem in parallel with global markets for our country's financial markets. We also expect these regulations to make a significant contribution to preventing the financing of crime." he stated.
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