The Capital Markets Board of Turkey (SPK) is on the verge of finalizing new regulations aimed at the cryptocurrency market. These upcoming laws seek to craft a robust legal framework, significantly enhancing the safety and security of local cryptocurrency operations. The SPK plans to release draft documents soon to ensure the cryptocurrency environment in Turkey is both secure and efficient.
What are the New Requirements for Providers?
Informed sources indicate that the SPK has developed regulations detailing the establishment and functioning of cryptocurrency service providers. These guidelines will stipulate essential aspects such as capital adequacy, internal controls, and risk management strategies necessary for these businesses.
How Will Trading Practices Change?
The regulations will significantly alter trading practices for cryptocurrencies on exchanges. Specifically, they will prohibit leveraged trading, derivative contracts, and debt transactions involving cryptocurrencies. Additionally, a dedicated listing committee will oversee which cryptocurrencies can be listed or removed from trading platforms.
More stringent obligations will be enforced regarding the technical setups of cryptocurrency companies. These operators must now synchronize user balances with the Central Registry Agency (MKK) for ongoing reporting. Only licensed firms will be entitled to offer services in this sector.
- New minimum capital requirements to ensure financial stability.
- Prohibition of risky trading practices like leveraged transactions.
- Mandatory integration with regulatory agencies for transparency.
- Increased focus on investor security and crime prevention.
Finance Minister Mehmet Şimşek emphasized that these regulations align with global standards, offering a more thorough approach than other countries. The aim is to foster a safer, transparent cryptocurrency market that promotes healthy financial diversity while documenting investor transactions to boost market efficiency.
