As the June 30, 2025 deadline for operating license application approaches, regulatory activity in the crypto asset space is rapidly progressing.
On May 8, 2025, the Capital Markets Board (CMB) published Principle Decision No. i-SPK.35/B.2 in its Bulletin No. 2025/29, addressing proof of reserves audits. This decision sets out the procedures and principles to be applied to Crypto Asset Service Providers (CASPs). It regulates various issues including the administrative rules on how the audit will be conducted, the standards to be used, the content to be included, and the reporting procedures. According to the principle decision, entities applying for an operating license by June 30, 2025 must include proof of reserves audit reports for two randomly selected dates within the two-month period preceding their application. This decision is especially significant, as proof of reserves audits are among the obligations of CASPs.
You can access CMB Bulletin No. 2025/29, which includes the decision, at the following URL:
https://spk.gov.tr/data/681d192e8f95db2864f99054/2025-29.pdf
Another development is the Circular No. 1039, dated April 30, 2025, issued by the Central Securities Depository (MKK). Completion of the required technical and system integration tests with MKK is one of the prerequisites for obtaining an operating license. The circular explains the integration test process and application procedure. MKK began accepting integration test applications as of May 2, 2025. The circular also notes that the testing schedule will be determined based on companies’ application dates. To apply for the integration test, companies must submit the application form and confidentiality undertaking included in the circular, along with signature circulars, to MKK.
You can access the MKK circular and its annexes at the following URL:
https://www.mkk.com.tr/genel-mektuplar/kripto-varlik-hizmet-saglayicilar-icin-mkk-uyum-sureci-hk
For detailed information and professional support during the compliance process, feel free to contact us.
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