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The Central Securities Depository (Merkezi Kayıt Kuruluşu – MKK) in Turkey has officially launched the Crypto Asset Central Registry System (KVMKS), integrating cryptocurrency into its securities framework. This innovative platform mandates that crypto service providers, including exchanges and platforms, report trading, initial sale, exchange, transfer, and custody data to MKK in real time. Investors can now compare their wallet balances through the MKK’s e-YATIRIMCI application, providing an unprecedented level of transparency concerning the custodial location and actual holdings of their digital assets. This development is seen by Istanbul’s financial circles as the most concrete regulation to permanently integrate Turkey’s cryptocurrency market into the local capital market framework.
The Scope and Functionality of the Crypto Asset Central Registry System
On March 13, 2025, the Capital Markets Board (Sermaye Piyasası Kurulu – SPK) clarified MKK’s role within the crypto transfer cycle through two separate communiqués. KVMKS synchronously gathers data on customer asset balances, custodial movements, and transfer records from platforms. This creates a comprehensive database capturing both user funds and cold wallet balances, enabling authorized regulators to promptly identify potential discrepancies.
By adapting classic securities registration principles to the crypto infrastructure, the system establishes a secure bridge between exchange-based transactions and on-chain transfers. The immutability and time-protected storage of records fortify investor rights and diminish the likelihood of fraud.
The MKK has declared its refusal to process operational applications from any exchange, platform, or custodial entity not included in the SPK’s “Active Entities List” until their integration with KVMKS is finalized. The organization has initiated system testing with crypto exchanges and platforms as of late May and set June 20, 2025, as the deadline for technical integration submissions.
The integration includes real-time API tests alongside FIX-based data streaming, ensuring that operational software withstands real-time stress conditions with accurately functioning reporting schemas. MKK sources confirm that infrastructure improvements are “intensively” underway, moving the first pilot data streams to the production environment by mid-June.
Sector Experts Reflect on Integration Impacts
Analyst Dr. Güvenç Koçkaya sees KVMKS as a legal milestone, with its acceptance into the official record system signaling a closer association between cryptocurrency and the banking sector. He highlights that the statutory reference to “reportable assets” offers clean jurisdiction for financial intermediaries. Koçkaya notes that, unlike Turkey, the U.S. hasn’t mandated similar reporting, observing that Turkey’s emphasis on accountability is instilling confidence within the industry.
Although Turkish platform representatives acknowledge that integration might initially incur operational costs, they predict a shift in international investors’ perspective towards the Turkish market in the long term. The central registry mechanism is expected to clarify custody ambiguities, thereby reducing perceived platform risks for institutional funds. Legal experts argue that third-party verification of user account balances could help avert past market collapse scenarios.
Some specialists anticipate that maintaining records parallel to Blockchain may expedite the resolution of disputes potentially escalating to court. Such measures are expected to enhance market transparency, benefiting both domestic and international market stakeholders.
