A. Introduction
Pursuant to Article 32 of the Communiqué on the Operating Procedures and Principles of Crypto Asset Service Providers and Capital Adequacy, published in the Official Gazette dated March 13, 2025 and numbered 32840 ("Communiqué"), platforms and custody institutions ("Crypto Asset Service Providers") are now required to integrate with the Central Registry Agency ("MKK") for the reporting of client crypto asset balance data held within the centralized registry system, and to fulfil reporting obligations as requested by MKK.
In this context, in the announcement published by MKK on May 27, 2025 ("Announcement"), it was stated that the Crypto Asset Central Registration System has been launched to facilitate integration between MKK and Crypto Asset Service Providers, and that infrastructure developments for the system are ongoing.
B. Crypto Asset Central Registration System
According to the Announcement published by MKK, in line with the obligations of Crypto Asset Service Providers under the Communiqué, crypto asset purchase-sale, initial offering or distribution, clearing, transfer, and related custody and other operations, along with platform customer balances and custody balance information, will be reported to the Crypto Asset Central Registration System established by MKK.
With the establishment of this system, investors will be able to compare the records of their crypto assets between the Crypto Asset Central Registration System and those held by the Crypto Asset Service Providers via MKK's e-YATIRIMCI application.
C. Application Deadline
For Crypto Asset Service Providers listed on the Capital Markets Board's ("Board") website as intending to operate but not yet licensed, technical and system integration tests have been initiated by MKK as a prerequisite for applying for an operating license.
Accordingly, Crypto Asset Service Providers must apply to MKK by June 20, 2025, with the required contact information and application documents for the technical and system integration tests.
The Provisional List of Operating Entities published by the Board can be accessed here.
D. Conclusion
This regulation, introduced to enhance transparency and investor confidence in the crypto asset market, represents a significant milestone for the industry. Completing the integration process with the Central Registry Agency is of critical importance for Crypto Asset Service Providers to both fulfil their legal obligations and ensure that investors can securely monitor their assets.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
