Turkiye: Adopted Capital Markets Board order on conditions for crypto-asset platforms establishment (Resolution No. i-SPK.35.B)

On 8 August 2024, the Capital Markets Board announced the adoption of Resolution No. i-SPK.35.B, detailing the conditions for the establishment of crypto-asset trading platforms. The resolution follows the enactment of Law No. 7518, which amended the Capital Markets Law and introduced application procedures for crypto-asset service providers. The resolution specifies requirements for platforms, including the obligation that the company must be incorporated as a joint-stock company and issue shares in registered form, with these shares being issued in exchange for cash. The company must have a minimum share capital of TRY 50 million, which must be fully paid in cash. Additionally, its shareholders' equity must not fall below this amount. The company's articles of association must align with the provisions of the Capital Markets Law and relevant regulations, and the founders of the company must satisfy the conditions outlined in the Law and applicable regulations. Moreover, the company's trade name must include the phrase "crypto-asset trading platform", and its articles of association must specify that its activities are exclusively limited to crypto-asset trading, initial sales, distribution, clearing, settlement, transfer, and custody services related to these activities. The company will not be permitted to operate outside the crypto-asset industry. Lastly, the board of directors must consist of at least three members, and the company's shareholding structure must be transparent and clearly defined.