Regulations regarding cryptocurrency exchanges and custody services have been published in the Official Gazette. According to these regulations, exchanges are required to have 150 million lira in capital, while custody services must have 500 million lira. Leverage transactions have been banned, and independent auditing has become mandatory for these establishments.

The Capital Markets Board (CMB) has released two separate communiqués regarding the operating principles and capital adequacy of cryptocurrency service providers. According to the communiqué published in the Official Gazette, cryptocurrency service provider platforms must have a minimum capital of 150 million lira, while custody services must show a capital adequacy of 500 million lira. Custody service providers need to ensure that at least 25% of their equity is paid or issued as capital by the end of each year’s sixth month.

The equity of these platforms cannot fall below liquid reserve requirements. If the total value of customer assets held by custody services is up to 1 billion lira, no additional equity requirements will be imposed. However, if this amount exceeds 1 billion lira, the establishment must have equity amounting to 1.5% of the excess, in addition to its capital.

It is essential for the founders and ownership structures of companies to be transparent and clear. These provisions will not be applicable to banks providing cryptocurrency custody services. Ban on Leveraged Transactions

According to the regulations, trading names of cryptocurrency custody service platforms must include the term “cryptocurrency trading platform”, and the trading names of custody service providers should include the term “cryptocurrency custody institution.” Cryptocurrency service providers may engage in activities such as receiving and executing orders related to cryptocurrencies, clearing, transferring cryptocurrencies, providing custody services required, intermediating initial sales or distributions, storing private keys related to assets, and providing investment advisory services.

Cryptocurrency service providers will be required to undergo independent audits of their information systems at least once a year. The regulation also prohibits the trading of cryptocurrencies with leverage.