Turkey's Altcoin Listing Criteria Announced! CMB Published Regulation!

New regulations affecting cryptocurrency investors in Turkey have been published in the Official Gazette and have come into effect.

The “Regulation on the Establishment and Operation Principles of Crypto Asset Service Providers” and the “Regulation on the Operating Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers” prepared by the Capital Markets Board of Turkey (SPK) have been published in the Official Gazette.

According to the published regulation, cryptocurrency platforms can be established with a minimum capital of 150 million TL, while custody institutions can be established with a minimum capital of 500 million TL.

According to the new regulation, cryptocurrency exchanges will not be able to directly hold customer funds. According to the new regulation, customer cash will be held in special accounts at banks, and these accounts will be separately tracked from the platforms’ own assets.

95% of the cryptocurrencies that customers prefer to store outside their own wallets will need to be kept in the custody institution, and the platform can store at most 5%.

“It is essential that 95% of the crypto assets that customers prefer not to keep in their own wallets be held in custody institutions in accordance with the provisions specified in the Regulation.”

The maximum 5% portion not stored in the custodian is stored in wallets on the platform.

Cryptocurrency platforms are required to have a minimum of 3% liquid reserves of customer assets.

Margin Trading is Banned!

According to the published secondary regulations, leveraged transactions in the cryptocurrency markets have been banned. It was stated that the purpose of this decision is to protect investors from excessive risk and to prevent sudden fluctuations in the markets.

With this ban, exchanges operating in Turkey will not be able to offer leveraged trading to investors.

Reserve Requirement!

According to the published regulation, crypto asset service providers will be required to undergo independent audit of information systems and will be obliged to conduct reserve proof audits. Platforms will be required to undergo independent audit of information systems at least once a year.

It was stated that these audits aim to increase the transparency of the platforms and protect the rights of the users.

Listing Criteria!

According to the new regulations, cryptocurrency exchanges operating in Turkey will determine the assets they will list based on the principles in the regulation from now on. Exchanges will establish a listing committee internally and cryptocurrencies can be listed according to the conditions specified in the regulation.

Platforms are responsible for reviewing the minimum elements to be written in smart contracts according to the type and legal nature of each crypto asset they will facilitate the initial sale or distribution of, and for verifying the accuracy of the contracts.

Platforms cannot facilitate the initial sale or distribution of crypto assets deemed not compliant with the minimum listing criteria specified in this Regulation.

Here are Turkey’s Altcoin and Cryptocurrency Listing Criteria!

Cryptocurrencies that can be listed:

ARTICLE 21- The listing of crypto assets that can be stored in custody institutions authorized by the Board on platforms is essential, except for the second paragraph of Article 17. Crypto assets to be listed on platforms must comply with the principles below:

It must be in compliance with the principles set out in the first, third, and fourth paragraphs of Article 16a(.

The relevant authorities have not imposed any restrictions or prohibitions on the issuance and trading of the underlying asset of b) Crypto, or it is not likely to be used to circumvent legal regulations or significantly for this purpose.

The project is not designed to give unilateral extraordinary rights to the owner c(.

The project owner’s assets arising from crime laundering and financing of terrorism shall not be on the national or international prohibited lists within the scope of Law No. 7262.

Not being able to hide wallet addresses does not provide the possibility of transfer operations.

Can be stored in cold wallets e) feature.

Platforms, other than the crypto assets specified in the third and fourth paragraphs of Article 16 and determined by the Board, themselves or; )

It is a fact that a) a real person, and his/her spouse and children under his/her custody, who are unlimitedly liable, participate in or hold the position of chairman of the board, member, general manager, deputy general manager of the companies,

b) Public legal entities except for a legal entity or those listed above, directly or indirectly, 10% or more of their capital or voting rights, partnerships in which they participate,

those determined by the Board to have employment relationship, contractual relationship or other reasons, who act together with each other,

It cannot list the cryptocurrencies it first sells or distributes.

The assets specified in the first paragraph of Article 7 shall be excluded from listing principles.