This year, Turkey has introduced extensive regulations concerning the cryptocurrency sector, now officially codified in the Official Gazette. These rules mandate that cryptocurrency companies aiming to serve Turkish citizens must comply with application processes and meet stringent criteria. Both domestically-based firms and those meeting numerous collateral conditions are now permitted to operate within Turkey’s borders.
Which Companies Are Being Affected?
Of the 64 cryptocurrency companies that recently applied for approval, none are highly popular platforms. However, users of these platforms should be aware of the potential risks following the new regulations. Specifically, 32 applications were outrightly rejected, while another 32 were left unprocessed. The Capital Markets Board (SPK) elaborated on these decisions in a formal statement.
Why Were Applications Dismissed?
In compliance with the SPK’s Principle Decision No. 42/1259, published on August 8, 2024, applications were dismissed due to incomplete or inadequate documentation. Additionally, platforms that declared they would continue operations without having customer balances by the application date also saw their applications left unprocessed.
Key Takeaways for Users
– Verify if your chosen platform is approved by SPK to avoid legal risks.
– Understand that 76 different cryptocurrency platforms currently operate in Turkey, including well-known names like Binance TR and Coinbase.
– Be aware of the new compliance requirements and ensure your platform meets them to avoid disruptions.
Conclusion
Turkey’s new cryptocurrency regulations mark a significant shift in how digital currency platforms will operate within its jurisdiction. Businesses and users alike must stay informed about these changes to ensure compliance and avoid potential pitfalls in the evolving landscape of cryptocurrency in Turkey.