The Capital Markets Board (CMB) of Turkey has adopted two new communiqués establishing regulatory frameworks for crypto asset service providers. These rules, published in the Official Gazette on March 13, outline operational, financial, and managerial requirements for companies operating in the cryptocurrency sector.

The communiqués are part of broader amendments introduced under Law No. 7518 amending the Capital Markets Law. They bring crypto asset service providers under the direct supervision of the CMB, aiming to enhance market integrity, investor protection, and financial stability.

Key Provisions of the New Rules:

1. Communiqué No. III-35/B.1 regulates the establishment and operations of crypto asset service providers. It sets requirements for licensing, registration, and ownership structure, including share transfers and qualifications of founders. The communiqué also introduces corporate governance standards, requiring companies to implement internal control systems, risk management, and robust information security protocols. Firms must ensure their technological infrastructure complies with regulatory standards.

2. Communiqué No. III-35/B.2 focuses on operational aspects, including the types of services crypto service providers can offer, such as trading platforms, custody, and asset transfer mechanisms. The document also establishes listing standards for crypto assets to protect investors and ensure fair market practices. Additionally, it introduces capital adequacy requirements to enhance the financial resilience of companies and safeguard client assets in case of financial difficulties.

Market Impact:

The CMB's regulatory measures align with global trends, where financial regulators are tightening oversight of digital asset markets. The new rules provide clarity for both businesses and investors, which could lead to increased institutional participation and greater trust in Turkey's crypto industry.

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