The Capital Markets Board (SPK) has rolled out new regulations for cryptocurrency exchanges, focusing on enhanced market security and stricter supervision. Entrepreneurs aiming to establish crypto platforms must now have a minimum paid-up capital of 50,000,000 TL. Additionally, platforms must operate as joint-stock companies with fully paid shares issued in the names of the shareholders. These measures are intended to build trust within the sector but may pose challenges for smaller entrepreneurs.
Regulations on Management Structure
The SPK has also imposed stringent rules on the management and partnership structures of these platforms. The board of directors must comprise at least three members, all of whom should hold a four-year university degree. Founders and partners are required to meet criteria for financial strength, honesty, and reputation. This aims to ensure that the leadership of these platforms is competent and reliable.
Legal Constraints and Criminal Background Checks
Founders and partners must not have any criminal convictions, particularly for crimes like theft or fraud. Similar qualifications are required for board members and other managers. This step is crucial for maintaining transparency and reliability in the sector. Additionally, the platforms are limited to activities like cryptocurrency trading, exchange, and transfer, to minimize risks.
Key Takeaways for Entrepreneurs
The SPK’s new regulations provide several concrete inferences for entrepreneurs:
- Entrepreneurs need to secure at least 50,000,000 TL in capital.
- Platforms must be structured as joint-stock companies with fully paid shares.
- Management must consist of qualified individuals with a four-year university degree.
- All founders and managers must have clean criminal records.
- Activities of the platforms are strictly confined to cryptocurrency-related operations.
These regulations aim to create more secure and trustworthy platforms that can help in the growth of the cryptocurrency sector.
The SPK emphasizes that non-compliance with these rules will result in criminal complaints. The 50 Million TL capital requirement is designed to balance the need for security with the potential for sector growth. The deadline for compliance has been set for November 8, 2024, giving entrepreneurs time to adapt to these new requirements.