The Capital Markets Board (SPK) has announced new regulations for cryptocurrency service providers on July 2, 2024, as part of amendments to the Capital Markets Law. The announcement featured a list of 47 cryptocurrency exchanges and companies that have applied to continue their operations, along with three firms that have declared liquidation. These regulatory measures aim to ensure that the activities of cryptocurrency service providers become more transparent and subject to auditing.
Active and Liquidation Lists Explained
The SPK has categorized organizations into two lists: the “Active List” for those that meet specific criteria and continue their activities, and the “Liquidation Declaration List” for those that have declared they will cease operations. These lists are crucial for investor safety and the orderly functioning of the market. Organizations that failed to provide complete or sufficient information were excluded from the active list. These lists are subject to updates based on organizations completing their deficiencies or SPK concluding its evaluations.
What is the Authorization Process?
SPK highlighted that the organizations on the active list have not yet been officially authorized by the Board. These entities must apply for authorization once secondary legislation is enacted. The authorization process will be completed after these applications are thoroughly evaluated by SPK. This step is essential to bolster security within the cryptocurrency market and protect investors. The new regulations are designed to enhance market transparency, reliability, and regulation adherence.
Key Insights for Investors
– Investors should prioritize dealing with organizations listed on the SPK’s active list.
– Organizations on the liquidation list are in the process of ceasing operations, posing potential risks.
– Ongoing updates to SPK’s lists should be monitored for a more informed investment decision.
– The upcoming authorization process will further clarify the regulatory landscape.
Conclusion
The SPK’s newly introduced regulations aim to create a more secure and transparent environment for the cryptocurrency market. By ensuring compliance with legal requirements and obtaining necessary permits, SPK provides a clear roadmap for service providers. This initiative is seen as a critical step in safeguarding investor interests and enhancing the overall reliability of the cryptocurrency market.