Regulations regarding cryptocurrency exchanges and custody institutions have been published in the Official Gazette. According to the new rules, exchanges are required to have a capital of 150 million lira, while custody institutions must have 500 million lira. Leveraged transactions have been banned, and independent audits are now mandatory for these institutions.

The Capital Markets Board (CMB) published two separate communiqués regarding the operational 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 of 150 million lira as their establishment capital, while custody institutions are required to have a capital adequacy of 500 million lira.
For cryptocurrency service providers, at least 25% of their equity must be paid or issued capital as of the sixth month of each year. The equity of platforms cannot be lower than the liquid reserve obligation. If the total amount of customer assets held by custody institutions does not exceed 1 billion lira, no additional equity requirement will be imposed.

If the amount exceeds 1 billion lira, the institution must have an additional equity equal to 1.5% of the excess amount in addition to its capital. The founders and ownership structure of companies must be transparent and clear. These provisions will not apply to banks offering cryptocurrency custody services.

Prohibited Leveraged Transactions
According to the regulations, the trade name of cryptocurrency custody service platforms must include the term “cryptocurrency exchange platform,” while the trade name of companies offering custody services must include the phrase “cryptocurrency custody institution.” Cryptocurrency service providers may engage in activities such as receiving and executing orders related to cryptocurrencies, clearing transactions, transferring cryptocurrencies, providing custody services, facilitating initial sales or distributions, holding private keys related to assets, and providing investment advisory services.

Cryptocurrency service providers will be required to undergo an independent audit of their information systems at least once a year. The regulation also prohibits leveraged trading of cryptocurrencies.