Saltık 
The CMB, the institution that regulates the Turkish crypto market, has announced its new crypto decisions
The Capital Markets Board (CMB) has announced its new decisions, which include important regulations and bans for crypto exchanges in Turkey. In line with the amendments made to the Capital Markets Law No. 7518, a series of restrictions have been imposed on the activities of crypto exchanges. In particular, practices such as leveraged transactions and referral campaigns have been banned, while new regulations have been made on issues such as the protection of customer assets, P2P (peer-to-peer) transactions, advertising and promotions.
Major Regulations:
- Referral and Promotion Bans: Crypto exchanges operating in Turkey are prohibited from organizing referral campaigns and promotions that gain customers. In line with this decision, campaigns that promise a certain return to customers cannot be organized and an absolute return guarantee cannot be given.
- Leveraged Transactions: Leveraged transactions are prohibited on crypto exchanges. This regulation is considered as a step towards preventing investors from entering into high-risk positions.
- Receiving Customer Orders: Receiving customer orders via social media platforms is prohibited. Customer orders can now only be received through the platform’s own website, mobile application or authorized representatives.
- P2P Transactions and New Restrictions: Individuals who conduct commercial or professional transactions on peer-to-peer (P2P) digital marketplaces must cease these activities by 08.11.2024. Otherwise, it will be considered an unauthorized crypto asset service provider activity.
- Crypto Assets Storage: If platforms do not store customers’ crypto assets in their own wallets, they must have key control of the wallets where these assets are stored. Platforms will not be able to dispose of customers’ crypto assets and cash in favor of themselves or third parties.
- Crypto Transactions in the Structure of a Currency Exchange Office: In places that operate similar to a currency exchange office, the purchase, sale or transfer of crypto assets without permission from the CMB is prohibited.
- NFT and Game Tokens: It was emphasized that NFTs and game tokens are outside the scope of the Capital Markets Law. Platforms that process these assets will be required to notify their customers that these assets are outside the scope of the law.
- Central Registry Agency (MKK) Integration: In order for platforms to transfer data to the MKK, they must integrate a system that complies with the technical requirements.
These regulations aim to ensure that the cryptocurrency market in Turkey operates in a more controlled environment, while protecting investors and reducing risks in the market. The CMB states that these rules will have a significant impact on the market and provides a certain transition period for platforms to comply with these rules.