Official Assurance Comes for the Crypto Investor
Official titleDecision on Other Activities that Merkezi Kayıt Kuruluşu A.Ş. May Conduct in Addition to Securities Settlement System Operator Activities
The Central Bank of the Republic of Turkey announced that it has approved the "Crypto Asset Central Registry System" activity of Merkezi Kayıt Kuruluşu A.Ş. (MKK) and included it within the scope of MKK's existing securities settlement system operator license.
Before
Merkezi Kayıt Kuruluşu A.Ş. (MKK) held a license for securities settlement system operator activities, but "Crypto Asset Central Registry System" activities were not within the scope of this license.
After
MKK will be able to conduct the "Crypto Asset Central Registry System" activity under its existing securities settlement system operator license with the approval of the Central Bank of the Republic of Turkey. This activity has been included in the existing license.
Details of the Regulation
With this decision, Merkezi Kayıt Kuruluşu A.Ş. (MKK) will be able to legally conduct the "Crypto Asset Central Registry System" activity in addition to traditional securities settlement system operator activities. This approval, granted by the Central Bank of the Republic of Turkey through Decision dated 28 July 2026 and numbered 12060/21659, expands the scope of MKK's existing operating license granted under Decision dated 12 June 2015 and numbered 10160/19759. The regulation in question is based on the provisions of Statute No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20 June 2013 and Article 17 of the Regulation on the Activities of Payment and Securities Settlement Systems published in the Official Gazette dated 28 June 2014 and numbered 29044.
Questions You Might Have
- What does MKK carrying out the "Crypto Asset Central Registry System" activity mean, and what will be its impact on the market?
- MKK carrying out this activity means that crypto assets are integrated into a legal and central registry system. This may increase transparency and trust in the market, while also laying the groundwork for more effective implementation of regulations regarding crypto assets.
- Did MKK obtain a separate license for this new activity, or was its existing license expanded?
- MKK has included the "Crypto Asset Central Registry System" activity within the scope of its existing securities settlement system operator license; instead of a separate license, the scope of its existing license was expanded.
- What kind of novelty does this decision introduce in terms of Statute No. 6493 and the relevant Regulation?
- Pursuant to Statute No. 6493 and Article 17 of the Regulation on the Activities of Payment and Securities Settlement Systems, the decision is an implementation decision that sets a precedent for the integration of new financial technologies, such as crypto asset systems, into the existing legal framework.
Key Terms
- Merkezi Kayıt Kuruluşu A.Ş. (MKK)
- It is a central institution in Turkey that maintains the records of capital market instruments and performs their custody and set-off operations.
- Menkul Kıymet Mutabakat Sistemi İşleticiliği
- It is the activity of operating the system that ensures the error-free and rapid conclusion of the delivery and payment transactions of traded securities.
- Kripto Varlık Merkezi Kayıt Sistemi
- It is a system in which the ownership information of blockchain-based crypto assets is centrally registered and tracked.
Affected Sectors
- Finance
- Capital markets
- Crypto-asset market
- Technology
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REGAS Commentary
This communiqué is a significant step for financial markets in Turkey, as it may contribute to crypto assets gaining a firmer legal footing by paving the way for them to be registered by an official institution. Expanding the jurisdiction and authority of the Central Securities Depository may reduce uncertainties for actors operating in the crypto asset market and help create a more transparent and reliable environment. This situation may mean new compliance requirements and operational adjustments for investors and market participants.