Turkey reaches a critical juncture in its cryptocurrency market regulation process. According to rules set by the Capital Markets Board (SPK), crypto asset service providers seeking to operate officially in Turkey must submit their applications to the SPK by today, June 30.
The exchanges applying for approval must meet specific criteria. Cryptocurrency exchanges are required to have a minimum founding capital of 150 million TL, while custody service providers must maintain at least 500 million TL. Additionally, platforms must store 95% of their crypto assets with approved custody firms and may keep only 5% in their own wallets. They must also set aside 3% of their total assets as liquid reserves, with no single cryptocurrency allowed to exceed 20% of the overall reserve.
Wallet security also becomes paramount under the new SPK regulations. Wallet keys must be stored within Turkey, and encryption practices must comply with TÜBİTAK standards. Furthermore, platforms are required to submit regular reports to the SPK on the 7th, 15th, 23rd, and the final day of each month, ensuring transparency and fostering trust within the market.
