SPK Announces New Regulations for Cryptocurrency Platforms in Turkey

• SPK, kripto para düzenlemelerine son sürat devam ederken son bültene göre yeni düzenlemeler geldi.
• Türkiye’de kripto para piyasasına yönelik düzenlemeler hız kesmeden devam ediyor.
• SPK, kripto paralara ilişkin yatırımcı koruma tedbirlerini genişletmeye odaklandı.

Discover the latest regulatory updates from SPK aimed at safeguarding cryptocurrency investors in Turkey.

New SPK Regulations: Key Changes for Crypto Assets

The Turkish Capital Markets Board (SPK) has released a comprehensive set of new rules targeting the cryptocurrency market. These rules are part of ongoing efforts to enhance investor protection within the rapidly evolving crypto sector. According to the latest bulletin, significant changes under the Capital Market Law No. 7518 have been introduced, affecting crypto asset service providers and platforms.

Advertising and Promotional Campaigns

SPK’s statement initially highlights concerns about referral programs and various advertising strategies. Notably, the new regulations prohibit promotional campaigns that guarantee specific returns or incentivize users to attract other customers to platforms. These campaigns must be terminated within 15 days from the decision date to prevent any potential investor grievances.

Managing Client Funds and Assets

According to the new rules, platforms are required to segregate client funds and crypto assets from their own company assets. Bank accounts opened in clients’ names must be clearly designated as client accounts and cannot be used for any other purpose. Orders from clients will only be accepted through the platforms’ websites, mobile applications, or registered phone lines—social media channels like WhatsApp and Telegram are no longer acceptable avenues for order intake.

Operational Guidelines and Platform Requirements

Platforms are expected to handle buying, selling, exchanging, and transferring of crypto assets similar to foreign exchange bureaus. Peer-to-peer (P2P) digital marketplaces operating without authorization must cease their activities by November 8, 2024. The SPK has excluded NFTs and crypto assets used in virtual games from its oversight and supervision.

Transparency and Accuracy in Advertising

The recent bulletin emphasizes that platform advertisements, announcements, and campaigns must be objective and free of misleading information. False, incorrect, or deceptive claims are strictly prohibited, and absolute return guarantees cannot be provided. Furthermore, platforms must establish a data transfer integration with Central Registry Agency (MKK) using the necessary technical infrastructure.

Safekeeping and Usage of Assets

Platforms are not permitted to utilize client assets and cash for their benefit or for the benefit of third parties. Borrowing crypto assets and leveraged transactions are forbidden. Additionally, any crypto assets not stored in clients’ wallets must have their keys securely held by the platform.

Conclusion

The latest regulatory framework issued by the SPK marks a significant step towards a more regulated and investor-friendly crypto environment in Turkey. These changes will necessitate compliance adjustments by crypto service providers to align with the new standards. Investors can expect enhanced protection and transparency in their crypto dealings, paving the way for a more secure investment climate.