Crypto in Türkiye: Here are new regulations

The first details of secondary regulations for Türkiye's cryptocurrency market reveal that a new amendment will prohibit service providers from offering customers leverage and derivative trading options, Anadolu Agency reported.

The Capital Markets Board (SPK) of Türkiye has finalized secondary regulations governing the custody and transfer of cryptocurrency assets following the enactment of the cryptocurrency law. These regulations, which focus on cryptocurrency service providers, are nearing completion and are expected to be published soon.

Key measures in secondary cryptocurrency regulation

According to sources from the Ministry of Treasury and Finance, key measures will be included in the regulations will include the following:

• Under the new drafts, cryptocurrencies listed on platforms cannot be traded with leverage, nor can they be subject to derivative contracts, margin trading, short selling, or lending activities. Platforms will also be required to establish a listing committee responsible for decisions on listing or delisting cryptocurrencies.
• Obligations regarding documentation and record-keeping for cryptocurrency service providers are being defined. Platforms and custodians must integrate with the Central Securities Depository (MKK) to report the account balances of their clients as requested.

File photo shows a person monitoring cryptocurrency market activity on a laptop, featuring real-time trading charts, financial analytics, and market data. (Adobe Stock Photo)

• All cryptocurrency service providers must obtain operational licenses from the SPK. Those already operating must comply with the new standards and secure approval from the regulator.
• The regulations will mandate that service providers meet financial, operational, and technical requirements, ensuring that only licensed providers can operate. Service providers will also need to implement a price monitoring system for cryptocurrencies with domestic price formations to comply with legal provisions. Market-disruptive actions will be identified and penalized accordingly.

'We have established an applicable set of rules'

Treasury and Finance Minister Mehmet Simsek highlighted the detailed and inclusive nature of the drafted regulations in an interview with Anadolu Agency, noting that they set a precedent compared to those in other countries.

"Our risk-based capital regulations are unique, not found in the frameworks of other regulatory authorities. These measures will foster a secure and efficient market, instilling confidence among investors. Our goal was to create a clearly defined and applicable set of rules that impose controlled obligations on cryptocurrency service providers," Simsek stated.

Türkiye's Treasury and Finance Minister, Mehmet Simsek. (AA Photo)

He emphasized the significant interest in the cryptocurrency ecosystem, both globally and in Türkiye.

"With these regulations, investor transactions will be recorded, creating a safer environment for cryptocurrency operations. This step not only introduces a new financial instrument to Türkiye’s markets, aligning with global financial trends, but also strengthens efforts to combat the financing of illegal activities," Simsek added.

Several countries are accelerating their regulatory efforts concerning cryptocurrency service providers. The European Union's "Markets in Crypto-Assets Regulation" is expected to take effect in July 2026 after a transitional period. Similarly, the United Kingdom aims to implement comprehensive regulations for the cryptocurrency sector by 2026. Countries like Japan and Singapore have also established frameworks for cryptocurrency service providers.

In Türkiye, the cryptocurrency law, titled "Amendments to the Capital Markets Law," was passed by Parliament on Jun. 26, 2024, marking the establishment of the nation’s first legal framework for cryptocurrencies.

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January 23, 2025 02:33 PM GMT+03:00