SPK, cryptocurrency exchanges‘ establishment and operation have new conditions. These regulations aim to enhance market security, requiring high capital and strict supervision for entrepreneurs. While this fosters trust in the sector, it may be challenging for some entrepreneurs.
New Rules in the Cryptocurrency World
The Capital Markets Board (SPK) introduced new regulations for the establishment and operation of cryptocurrency exchanges. These regulations are seen as significant steps for market security. SPK mandated that entrepreneurs wishing to establish a cryptocurrency platform must start with at least 50,000,000 TL in capital. This capital must be paid in cash. Additionally, platforms must be established as joint-stock companies, with shares issued in the name and fully paid in cash.
On the other hand, strict regulations were introduced for management and partnership structures. Accordingly, the management structure of the platforms will also be under strict supervision. The board of directors must consist of at least three members, and these members must have a four-year university degree. Additionally, founders and partners must meet conditions such as financial strength, honesty, and reputation.
Emphasis on Legal Barriers and Criminal Scope
Platform founders and partners must not have been convicted of crimes such as theft or fraud. Additionally, board members and other managers of the platforms must have similar qualifications. This is an important step to ensure the platforms are transparent and reliable.
The articles of association of the platforms must limit their activities to cryptocurrency trading, exchange, and transfer. This ensures focused service provision while aiming to minimize potential risks. SPK has also allocated a deadline until November 8, 2024, for this matter.
The new regulations introduced by SPK aim to establish trust in the cryptocurrency sector. The 50 Million TL capital requirement for entrepreneurs is kept at a reasonable level. Additionally, strict supervision can positively impact the sector’s growth. This situation may allow for the emergence of stronger and more secure platforms in the future. SPK also emphasized that it will file criminal complaints against those who do not comply with the rules.
