This bulletin included regulations regarding receiving and storing customer cash, receiving customer orders, the nature of the crypto assets to be listed on the platforms, and the advertising and campaigns of the platforms.

Leveraged Transactions Prohibited

In accordance with Article 11 of the CMB’s resolutions, crypto asset platforms are prohibited from making leveraged or credit transactions with customer assets. In this context, platforms will be able to sell only as much as the crypto assets they have in their wallets.

Additionally, platforms will not be allowed to make any savings on customer-owned crypto assets and cash. This ban was determined to prevent customer victimization.

Communication and Advertising Regulations

The Capital Markets Board emphasized that platforms should be objective in their advertising, announcements and announcement activities in all communication channels. While activities that exploit customers’ lack of knowledge will be prohibited, it will not be possible to guarantee absolute returns or losses.

Platforms are required to end promotional campaigns that promise returns within 15 days. In addition, award-winning reference programs designed to gain customers will be terminated within 15 days.

Crypto Asset Issuance Restrictions

According to the new regulations, the issuance of crypto assets based on baskets and precious metals is prohibited. CMB stated that before such regulations were made, crypto assets could not be associated with capital market instruments defined under the relevant laws.

Storage of Customer Cash

It was reminded that customer cash should be stored in banks separately from the assets of the relevant platform. It should be clearly stated that the accounts opened in banks belong to the customers and cash transfers should only be made through authorized institutions. Customers’ cash cannot be taken from hand or stored within the platform.

Order Transmission Methods

It was stated that customer orders can only be received through the platform’s official website, mobile applications or authorized personnel. Receiving orders from applications such as WhatsApp or Telegram is prohibited. In addition, it is mandatory to keep electronic log records showing the date, time and order owner of the orders received.

NFT and Virtual Gaming Assets

CMB announced that NFTs and crypto assets used in virtual games are outside the listing principles specified in the relevant law. A separate notification will be required for the purchase-sale, distribution or storage of these assets.

Regulations for P2P Platforms

Transactions on behalf of someone else on P2P platforms where users directly buy, sell and exchange will be considered as unauthorized crypto asset service provider. Those who carry out this situation commercially must cease their activities by November 8.

Central Registry Agency Integration

It was stated that the platforms must provide the necessary technical infrastructure to transfer data to Central Registry Agency Inc. (MKK). In addition, keys to crypto assets in customer accounts must be checked by November 8, 2024 at the latest.

These new regulations aim to place the crypto asset ecosystem in Turkey on a more solid and secure basis.

You can read detailed information here.