The Capital Markets Board (“Board”) published Principle Decision i-SPK.35.B (dated 8 August 2024 and numbered 42/1259) in its bulletin dated 8 August 2024 and numbered 2024/38, clarifying the establishment conditions for platforms operating in the cryptocurrency sector. This Principle Decision introduces significant regulatory changes, setting new standards for the establishment and operation of cryptocurrency platforms.
New Establishment Requirements
To obtain approval from the Board for the establishment of cryptocurrency platforms, several conditions must be met. These include:
- The platform must be established as a joint-stock company,
- All shares must be registered shares,
- Shares must be issued in exchange for cash,
- A minimum capital of 50,000,000 TL must be fully paid in cash,
- The articles of association must comply with the Capital Markets Law and relevant regulations,
- The founders must meet the qualifications specified in the Law,
- The trade name must include the term "cryptocurrency trading platform",
- The platform’s business activities must be exclusively limited to cryptocurrency trading, initial sales or distribution, clearing, transfer, and related custody services,
- The board of directors must consist of at least three members, and the ownership structure must be transparent.
Platform Establishment Applications
Founders of platforms must submit the articles of association, documents proving that the founders and directors meet the necessary conditions, and any other documents requested by the Board to apply for establishment approval. Platforms that succeed in obtaining establishment approval must subsequently apply for a licence to operate within the framework of the principles and rules to be determined by the Board.
Transition Process for Existing Companies
In accordance with the temporary provisions of the Capital Markets Law No. 7518, specific regulations have been introduced for platforms operating as cryptocurrency service providers as of 2 July 2024. In this context, platform applications with missing documents will not be processed, and a 15-business day period will be granted to complete the deficiencies. Platforms that fail to complete these deficiencies will be prohibited from operating after the Board's notification.
Platforms that do not meet the conditions outlined in the Principle Decision by 8 November 2024 will not be allowed to continue operations during the transition period. However, they may reapply once they have met the necessary conditions. Cryptocurrency turkiye
For more information on the establishment process for cryptocurrency platforms and the new regulations introduced by the Capital Markets Board, or to request legal assistance, please contact the CCS Law team. Our expert team is ready to provide you with the most suitable solutions to ensure your platform complies with legal requirements.
Disclaimer: This article is intended for informational purposes only and does not constitute legal advice.
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