Türkiye Introduces New Crypto Asset Regulations: A Landmark Development in Digital Finance

On 13 March 2025, the Turkish Capital Markets Board (“SPK”) (Sermaye Piyasası Kurulu) published two key regulations in the Official Gazette, marking a significant milestone in the country’s evolving legal framework for crypto assets. The newly introduced Communiqués, III-35/B.1 (“Communiqué 1”) and III-35/B.2 (“Communiqué 2”), set out comprehensive rules for crypto asset service providers, covering their establishment, operational principles, governance, and capital adequacy requirements.

These regulations build upon Türkiye’s earlier recognition of crypto assets under Law 7518, enacted on 2 July 2024 (Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun). This law brought crypto assets under the regulatory umbrella of Türkiye’s capital markets legislation, defining key terms and establishing a supervisory structure for market participants. The latest SPK regulations now introduce further clarity and a formal licensing regime for crypto asset platforms, aligning Türkiye’s regulatory landscape with global standards.

With crypto assets gaining increasing significance worldwide, the new framework seeks to ensure market integrity, investor protection, and financial stability while addressing key risks associated with crypto trading and custody services.

What Has Changed?

The newly enacted regulations introduce a structured and comprehensive compliance framework for crypto asset service providers (“CASPs”) operating in Türkiye, including exchanges, custodians, and other market participants. These regulatory measures establish clear operational, financial, and governance standards designed to enhance market integrity, investor protection, and systemic stability.

The regulations encompass two main areas. Firstly, Communiqué 1 outlines the establishment and operational requirements for CASPs, focusing on the authorisation process, governance obligations, and operational safeguards necessary for platforms to operate legally within Türkiye. This includes stringent governance standards and clear operational procedures to protect investors and ensure the overall integrity of the market.

Next, Communiqué 2 addresses the working principles and capital adequacy for CASPs, establishing financial prudence requirements and specifying capital adequacy thresholds. It also mandates the implementation of robust risk management strategies and compliance mechanisms to mitigate systemic risks and promote financial stability within the crypto sector.

By introducing a formalised regulatory framework, these communiqués provide much-needed legal clarity for the crypto asset industry in Türkiye. They also align the country’s regulatory approach more closely with international best practices, reflecting broader global trends towards enhanced oversight of digital asset markets.

Communiqué 1: Establishment and Operational Requirements for CASPs

The first regulation introduces a comprehensive framework for the formation and operation of CASPs in Türkiye, with key provisions as follows:

• A two-tier system has been introduced whereby CASPs must first obtain an establishment licence and then an operating licence.
• Crypto asset platforms must obtain prior approval from SPK before commencing operations. The application process mandates strict adherence to financial and governance standards.
• Service providers must be established as joint-stock companies with fully paid-up share capital, ensuring transparent ownership structures.
• Providers are required to implement effective internal control systems, risk management procedures, and independent audit mechanisms to safeguard client assets and prevent financial misconduct.
• Service providers must comply with minimum security requirements for their IT infrastructure, data protection, and custody solutions, ensuring platform integrity and resilience.
• Firms must maintain comprehensive transaction records and submit periodic reports to the SPK to ensure regulatory oversight.

This regulation effectively formalises the licensing regime for crypto asset platforms and sets the baseline compliance standards for market participants.

Communiqué 2: Working Principles and Capital Adequacy for Crypto Asset Service Providers

The second regulation introduces additional working principles and financial safeguards for crypto asset service providers. Its main provisions are as follows:

• The minimum establishment capital of CASPs was determined as 150.000.000 Turkish Liras.
• The regulation defines the permissible activities of crypto service providers, including trading, custody, and asset transfers, while prohibiting certain high-risk operations.
• Platforms must segregate customer funds from their own assets, ensuring that client assets are protected in the event of insolvency.
• Crypto platforms must establish clear listing criteria for new crypto assets and adhere to market surveillance obligations to prevent market manipulation.
• Platforms must maintain minimum capital reserves and adequate liquidity buffers to ensure operational stability and protect against systemic risks.
• The regulation mandates detailed record-keeping of all customer transactions and enforces anti-money laundering (“AML”) and counter-terrorism financing (“CTF”) controls, aligning with global financial regulations.

By implementing strict financial and operational criteria, this regulation aims to enhance investor protection while minimising risks associated with crypto asset trading.

Market and Regulatory Implications

The enactment of these new regulations represents a pivotal move by Türkiye to establish a robust and transparent regulatory framework for the digital asset market. The key impacts of these developments include:

1. enhanced governance and compliance standards aimed at mitigating risks for both retail and institutional investors;
2. the integration of CASPs under the supervision of the SPK, aligning Türkiye’s regulatory approach with global best practices;
3. existing crypto platforms will be required to apply for a licence within a defined transition period, ensuring alignment with the new capital and governance standards; and
4. a concerted effort by Türkiye to harmonise its crypto regulatory framework with evolving practices in major markets such as the EU and UK.

While these measures provide greater clarity and legal certainty, they may also increase compliance costs for smaller platforms. The long-term impact on market competition and innovation in the crypto sector remains to be seen.

Recommendations for CASPs

As the crypto asset industry continues to evolve, Türkiye’s latest regulations lay a strong foundation for digital asset governance. However, additional secondary legislation and implementation guidelines from the SPK are expected in the coming months to provide clarity on technical requirements and licensing procedures.

In light of these developments, CASPs should:

• Ensure full compliance with the new regulatory framework, including the initiation of licensing applications with the SPK.
• Internal control mechanisms to meet the new governance and security standards required under the regulations.
• Adapt operational models to align with capital adequacy, asset segregation rules, and other financial safeguards outlined in the new regulations.
• Given the regulatory complexity, it is advisable for crypto businesses to consult with legal experts in financial regulations to navigate these changes effectively.

Conclusion

The implementation of these new regulations represents a pivotal moment in Türkiye’s regulatory approach to crypto assets. These steps not only protect investors but also enhance the transparency and stability of the market, making it an attractive environment for both local and international players. As the global crypto landscape continues to evolve, Türkiye’s approach reflects an effort to balance innovation with regulatory oversight, ensuring the long-term sustainability and growth of the sector.

For further information on the new crypto asset regulations in Türkiye, or for guidance on licensing requirements, please contact your CMS Türkiye team or a CMS crypto asset expert Dr. Döne Yalçın and Zeynep Berin Manavgat.