Turkey’s Central Securities Depository Launches Central Crypto Asset Registry System (KVMKS)

Türkiye’s Central Securities Depository (MKK) has officially launched the Central Crypto Asset Registry System (KVMKS) to facilitate integration between MKK and Crypto Asset Service Providers (KVHS), the institution announced on Monday.

The new system marks a significant step in aligning Türkiye’s crypto asset ecosystem with formal capital markets infrastructure, offering enhanced transparency, compliance, and investor protection.

Real-Time Reporting and Cross-Verification for Investors

Under the KVMKS framework, crypto service providers will report all operations to the MKK, including:

• Crypto asset trading, initial offerings, and distributions

• Clearing, transfers, and custody transactions

• Customer balances and custodial holdings

Investors will be able to view and cross-check their crypto holdings via MKK’s e-YATIRIMCI application, comparing platform records against official registry entries.

System Development and Integration Deadlines

MKK emphasized that all necessary infrastructure development efforts are actively underway. The technical integration process with crypto platforms listed on the Capital Markets Board’s (SPK) “Authorized Institutions” registry has been initiated.

The deadline for Crypto Asset Service Providers (KVHS) to complete their preliminary application process and submit the required documents to MKK has been set as June 20, 2025. Submissions must be sent via [email protected].

Legal Foundation: SPK’s Crypto Regulations

The launch of KVMKS follows the publication of two landmark regulations by the Capital Markets Board (SPK) on March 13, 2025 in the Official Gazette:

• Regulation on the Establishment and Operating Principles of Crypto Asset Service Providers

• Regulation on Operating Procedures and Capital Requirements for Crypto Asset Providers

These legal texts formally assigned MKK its central registry role, integrating crypto asset oversight into Türkiye’s broader financial market infrastructure.

Transparency and Accountability in a Growing Sector

The KVMKS initiative aims to create a secure, traceable, and auditable environment for crypto assets in Türkiye, at a time when global regulators are stepping up efforts to protect investors and combat illicit use of digital assets.

Detailed updates and official circulars are available on the MKK website: www.mkk.com.tr