CMB Published Secondary Regulations for Crypto Asset Service Providers - Coin Bulletin

Capital Markets Board( SPK) has published two new communiqués regulating the operating principles and capital adequacy of crypto asset service providers in the Official Gazette.

The long-awaited legal regulations for crypto asset service providers were announced with two separate communiqués published in the Official Gazette dated March 13, 2025. The regulations titled Regulation on the Establishment and Operation Principles of Crypto Asset Service Providers (III-35/B.1) and Regulation on the Operating Procedures and Principles as well as Capital Adequacy of Crypto Asset Service Providers (III-35/B.2) include important obligations and standards for the sector. Here are the highlighted topics:

New Regulations for Crypto Asset Service Providers

• Licensing and Authorization: Crypto asset service providers will need to obtain permission from the CMB to operate. Companies that do not obtain a license will not be able to operate.
• Capital Adequacy: Platforms are required to have a minimum of 150 million TL, and custodians are required to have a minimum of 500 million TL in capital.
• Custody Service: It has become mandatory to keep a large portion of crypto assets in authorized custody institutions. Platforms can keep up to 5% of customer assets in their own wallets.
• Transparency and Customer Protection: Platforms will be required to keep customer assets in separate accounts, make their trading environments transparent, and share detailed information about custody services.

Principles of Trading and Storing Crypto Assets

• Listing Rules: Crypto assets to be listed on platforms must meet certain criteria. Transparency about project owners is a must.
• Listing Committee: Platforms will establish a "listing committee" consisting of at least three members to evaluate crypto assets to be listed or delisted.
• Storage of Crypto Assets: The use of cold wallets is encouraged for the storage of customer assets. Wallets must be kept at least 95% in custody institutions.
• Consensus System: Platforms and custodians will conduct and report transactions related to customer assets in an integrated manner with the Central Securities Depository (CSD).
• Custodian Institutions: Institutions authorized by Banks and the Board may provide custody services. Platforms may hold customer assets for up to six months.

Transaction and Order Management

• Leverage Transactions Banned: Cryptocurrency assets cannot be subjected to leveraged transactions, margin trading, and derivative transactions.
• Price Monitoring System: Platforms will create a price monitoring unit to prevent price manipulation and provide reporting.
• Liquidity Requirement: Platforms will be required to hold a certain percentage of customer funds as liquid assets.
• Transfer Operations: Security measures will be increased in crypto asset transfer operations. Multi-factor authentication and special security procedures will be mandatory.
• Transfer Limits: Transfers below 1 million TL per day can be processed automatically, but transfers exceeding this amount will require approval from managers.
• Customer Funds: Customer funds can only be held in bank accounts and cannot be stored in cash or on the platform.

Advertising and Promotion Restrictions

• Misleading Ads Banned: Crypto asset service providers will not be able to make ads containing expressions such as "guaranteed profits", "risk-free investment".
• Customer Information: Platforms are required to provide **detailed information to customers about crypto asset risks.
• Advertising Content will be Reviewed: All advertisements and promotions made by cryptocurrency service providers will be subject to CMB supervision and non-compliant content will be removed.

Compliance and Conformity

• Independent Audit Requirement: Platforms will undergo independent auditing at least once a year and submit a report to the CMB.
• Cyber Security Measures: Platforms will be required to comply with security criteria determined by TÜBİTAK. The use of cold wallets for wallet security and backing up crypto assets will be mandatory.
• Sanctions: Platforms that do not comply with capital adequacy or operational conditions may face sanctions such as restrictions on their activities or complete cessation.
• Capital Adequacy Monitoring: Platforms will need to submit financial reports on a monthly basis and continually prove their capital adequacy.
• Storage Limits: Custodians will be required to keep 95% of customer assets in secure cold wallets. Hot wallet limits have been set at a maximum of 5%.

With these regulations, the aim is to make the cryptocurrency asset ecosystem in Turkey safer, protect investors, and ensure that companies operating in the sector comply with corporate standards. Platforms that do not comply within the periods determined by the CMB will have their operating permits revoked.