Recent Developments
With the Communiqué on Operating Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers (the “Communiqué“) published in the Official Gazette dated 13 March 2025 and numbered 32840, crypto asset service providers (“CASPs”) are obliged to integrate with Merkezi Kayıt Kuruluşu A.Ş. (the Central Securities Depository of Türkiye) (the “CSD“) for clients’ crypto asset balance information kept in the institution’s book-entry system and to make the reports requested by the CSD available. As of 27 May 2025, the CSD launched the Crypto Asset Central Registry System (the “System“) to ensure integration with CSDs.
You may access more information on the Communiqué here.
What Does the System Bring?
In parallel with the provisions of the Communiqué, crypto asset sale and purchase, initial offering, distribution, settlement, transfer, custody and other transactions, as well as customer balances and custody balance information will be reported on the System by CASPs. Investors will also be able to view the records of their crypto assets on the CSD’s e-INVESTOR (e-YATIRIMCI) application and compare platform and System data.
Establishment Applications
The CSD initiated the technical and system integration tests required for the platforms and custody institutions included in the “List of Operating Institutions” published on the website of the Capital Markets Board of Türkiye (the “CMB“) to be able to apply for an operating license to the CMB. Accordingly, the application deadline for CASPs has been set at 20 June 2025. Detailed information and general letters and announcements regarding the application process have been published on www.mkk.com.tr and CASPs are required to submit the necessary contact information and application documents to the CSD via kvhstest@mkk.com.tr until 20 June 2025.
Conclusion
The integration initiative between the CSD and CASPs marks a significant regulatory and technological milestone in Türkiye’s evolving crypto asset landscape. By enabling secure and transparent data exchange, this development is expected to enhance investor protection, support compliance with forthcoming legislation, and foster institutional confidence in crypto markets. Clients operating in or entering the Turkish crypto asset space should closely monitor the implementation timeline and consider aligning their operational and compliance frameworks with the new integration standards.
