The Ministry Era in Digital Gold
Official titleCommuniqué Amending the Communiqué on Precious Metal Standards and Refineries (Communiqué No: 2023/1) (No: 2026/1)
New regulations have been introduced regarding the digitalization of precious metals and Precious Metal Tracking System (KMTS) obligations for refineries.
Before
The legal status of digital precious metals and KMTS obligations were not clear.
After
Digital precious metals have been defined as 'intangible assets' and made subject to Ministry approval; KMTS obligations have been imposed on refineries.
Details of the Regulation
With this communiqué published by the Ministry of Treasury and Finance, the concept of 'Digital Precious Metal' has been incorporated into the legal system. The requirement of Ministry approval has been introduced for precious metals, whose physical equivalents are stored within the Mint or the Exchange, to be converted into digital assets using distributed ledger technology (blockchain) and to be traded on the Exchange. These assets have been excluded from the definitions of crypto assets under the Capital Markets Statute and categorized as 'intangible assets'.
The regulation also tightens the supervision of refineries. Refineries whose application processes are ongoing have been made obligated to carry out production via the KMTS (Precious Metal Tracking System), and a strict period of 1 month has been granted for registration procedures. A retroactive Ministry approval requirement has also been added in order for already digitalized assets to be traded on the exchange.
While the system aims to combine the physical security of precious metals with the speed of digital transfer, it increases state supervision over the market. To prevent the flow of unregistered gold and other precious metals, the scope of KMTS has been expanded to include institutions at the application stage as well.
Questions You Might Have
- Is this digital gold a cryptocurrency?
- No, the communiqué explicitly states that these are not categorized as crypto assets under Statute No. 6362, but are intangible assets.
- How much time do refineries have?
- A period of 1 month has been granted for the KMTS registration application after the entry into force of the communiqué, and an additional 1 month following approval for registering stocks into the system.
- What will happen to previously digitalized gold?
- It is mandatory to obtain a favorable opinion from the Ministry in order for assets digitalized prior to the date of entry into force to be traded on the Exchange.
Key Terms
- Dağıtık Defter Teknolojisi
- Technology that enables data to be maintained among network stakeholders in a transparent and immutable manner rather than by a central authority (Blockchain, etc.).
- KMTS
- Precious Metal Tracking System; the system through which the process of metals such as gold is tracked from production to the end-user.
- Gayri Maddi Varlık
- An asset that has no physical existence but possesses economic value, representing a digital right or ownership.
Affected Sectors
- Finance
- Precious metals
- Banking
- Information technology
- Jewellery
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REGAS Commentary
This communiqué demonstrates that Turkey is establishing an official framework for the process known as 'Gold Tokenization'. The most critical point for investors is that these digital metals will not be treated as cryptocurrencies (Bitcoin, etc.), but rather as title deeds/certificates directly backed by physical counterparts. The 1-month period and KMTS obligation introduced for refineries indicate an intention to completely prevent 'under-the-counter' or sub-standard production in the market.