Capital Markets Board (SPK) Publishes Second Set of Crypto Regulations
The Capital Markets Board (SPK) has published a second set of regulations for cryptocurrency platforms. The new directive outlines new obligations and requirements for cryptocurrency exchanges and custody institutions.
Capital Requirements
The SPK has set minimum capital requirements for cryptocurrency exchanges and custody institutions:
-
Cryptocurrency exchanges: Minimum capital of 150 million Turkish Lira (TRY)
-
Custody institutions: Minimum capital of 500 million Turkish Lira (TRY)
Companies with capital below these thresholds will not be permitted to operate.
Protection of Customer Assets
To enhance the security of customer assets, the regulations require:
-
Cryptocurrency exchanges must store customers' cash in banks and cryptocurrencies at custody institutions
-
At least 95% of customers' cryptocurrencies must be held at custody institutions
-
Exchanges can only hold up to 5% of customer cryptocurrencies
-
Each platform must contract with at least one custody institution
-
Customer cash must be held in separate bank accounts that cannot be used as collateral for loans or other restrictions
Leverage Trading Ban
Cryptocurrency exchanges operating in Turkey will no longer be able to offer leverage trading services due to the high risks involved.
Requirements for New Cryptocurrency Listings
Cryptocurrency exchanges must meet various requirements when listing new cryptocurrencies, including:
-
No wallet address hiding features
-
Not designed to grant project owners unilateral extraordinary rights
-
Ability to be stored in cold wallets
Risk Disclosure to Customers
Platforms must provide customers with a risk disclosure form before they sign framework agreements. Customers who do not complete this form will not be able to trade cryptocurrencies. Existing customers must also approve this form.
Platform Naming Requirements
Platforms must include "cryptocurrency trading platform" in their trade name to indicate the services they offer. Custody institutions must include "cryptocurrency custody institution" in their trade name.
