The efforts to regulate the crypto asset ecosystem began last year with the first regulation known as the "crypto asset law." With this regulation, the Capital Markets Board was authorized over the crypto asset ecosystem (SPK). Following the initial legal framework, regulations known as secondary regulations were published in the Official Gazette in the first quarter of this year.

In these regulations, which determine the procedures and principles regarding the establishment and operation processes of cryptocurrency exchanges, organizations have been given a deadline until June 30 to apply. According to these regulations, organizations wishing to provide services to residents in Turkey must apply to the Capital Market Board (SPK) to be able to operate.

In the notifications, the minimum capital limit for exchanges was set at 150 million lira, while for custody institutions it was 500 million lira. According to the data shared by the SPK, so far 88 institutions have applied to provide services as a crypto asset service provider or custody institution, while 17 institutions have submitted a liquidation declaration stating that they will not operate. #HotTopicDiscussion#