Crypto Asset Listing Procedures Turkey
Crypto Asset Listing Procedures Turkey
In the cryptocurrency market, maintaining trust, transparency, and order is essential. The listing requirements applied by exchanges are critical for protecting investors and ensuring high market quality. Below is a detailed blog post—supported by tables—that covers the regulatory provisions regarding initial sale/distribution intermediation, the establishment and duties of the listing committee, the requirements for listing eligible crypto assets, the platform’s listing and delisting procedures, and the delisting practices.
1. Smart Contracts and Initial Sale/Distribution Intermediation Services
Platforms are responsible for verifying that the minimum elements to be included in the smart contracts comply with the type and legal nature of the crypto asset being offered in an initial sale or distribution. This process involves:
Contract Accuracy:
Each crypto asset’s smart contract is checked to ensure it meets the minimum criteria.Compliance with Listing Criteria:
Only assets that meet these criteria can be facilitated for initial sale/distribution.Custody Infrastructure:
A secure custody infrastructure must be established for the crypto assets handled by the platform.
These measures ensure investor protection and market transparency.
2. Listing Committee
It is mandatory for platforms to establish a listing committee to make independent, expert decisions regarding the listing and delisting of crypto assets. (Article 20)
Listing Committee Requirements
| Article | Requirements |
| a) | Must consist of at least three members. |
| b) | The majority of its members must have at least 7 years of experience in finance, law, information technology, information security, and distributed ledger (DLT) technologies. |
| c) | At least one member must be part of the platform’s board of directors. |
Duties and Procedures of the Committee
Responsibilities:
Making decisions on the listing and delisting of crypto assets,
Diligently verifying that the assets to be listed comply with the principles outlined in Article 21,
Preparing evaluation reports for listing/delisting decisions.
Membership Procedures:
- Appointments and departures of committee members, along with the reasons, must be communicated in writing by the platform within two business days to the relevant authorities.
Employment Requirement:
- Committee members are not required to be platform employees; however, they must adhere to the established principles and guidelines.
3. Cryptocurrency Assets Eligible for Listing
According to Article 21, crypto assets eligible for listing on platforms must meet specific criteria related to custody infrastructure and regulatory compliance.
Key Listing Requirements
| Requirement | Explanation |
| a) | Must be in accordance with the principles specified in the first, third, and fourth paragraphs of Article 16. |
| b) | The underlying asset must not be subject to any restrictions or bans by relevant authorities regarding its issuance or trading; it should not be used in a way that circumvents legal regulations or significantly deviate from them. |
| c) | It must not be structured in a way that grants the project owner unilateral extraordinary rights. |
| ç) | The project owner should not appear on national or international prohibited lists for money laundering or terrorism financing related to criminally derived assets. |
| d) | It must not enable the transfer of funds by concealing wallet addresses. |
| e) | It should be capable of being stored in cold wallets. |
Additional Restrictions:
Entities with conflicting interests (e.g., those holding 10% or more stake) cannot list the crypto assets for which they are responsible for the initial sale/distribution.
Certain assets may be excluded from the listing criteria as specified in Article 7(1)(a).
4. Platform Listing and Delisting Procedures
Under Article 22, platforms must establish a written procedure for determining which crypto assets will be traded on their systems. This procedure ensures that listing and delisting decisions are based on thorough evaluations, taking into account market dynamics and risk factors.
Evaluation Criteria
| Criterion | Explanation |
| a) | The rights granted to the user by the crypto asset and the nature of these rights. |
| b) | Trading volume and circulating supply. |
| c) | Whether the supply of the asset is limited. |
| ç) | Transaction speed and the specific costs associated with the asset. |
| d) | The reliability of the crypto asset and its associated distributed ledger network systems. |
| e) | Traceability of transactions. |
| f) | Historical price movements. |
| g) | The susceptibility to price manipulation or fraud, and any remedial or mitigating measures that can be applied by the platform. |
| ğ) | Whether the asset’s value is determined algorithmically. |
| h) | The background of the project owner, including any investigations or allegations related to fraud or securities offenses. |
| ı) | If the asset represents the ownership of another asset or legal right, the usability of such rights. |
| i) | The asset’s status under domestic and international regulations; whether regulatory approval has been obtained for its issuance. |
| j) | The degree of concentration in ownership or control. |
| k) | Potential security risks related to asset forks. |
Publication of the Procedure:
- The current list and procedure must be published on the platform’s website, with archives available for the past six months.
Periodic Updates:
- The listing and delisting procedure must be reviewed at least once a year, with updates made based on financial strength, cybersecurity, regulatory compliance, and other relevant factors.
Extraordinary Situations:
- The procedure must include measures for delisting an asset in extraordinary circumstances.
MKK Notification:
- The listing and delisting of crypto assets must comply with the notification rules as determined by the relevant authority (MKK).
5. Delisting Practices
According to Article 23, platforms may decide to delist crypto assets if the specified criteria are no longer met.
Delisting Conditions
| Situation | Explanation |
| a) | Failure to meet the listing criteria or requests from public authorities or judicial bodies. |
| b) | Reasonable doubts arise regarding the reliability of the crypto asset or its associated distributed ledger network. |
| Special Case | In the event of a global platform delisting the asset, the platform may proceed with delisting after notifying investors at least 1 day in advance (the standard notice period is 7 days). |
Notification Period:
- Under normal circumstances, investors must be notified at least seven days in advance if an asset is scheduled for delisting.
Additional Measures:
- Delisted assets may still be traded on peer-to-peer digital marketplaces, and refund processes (in kind or cash) should be available according to customer requests.
6. Conclusion
The listing requirements on cryptocurrency exchanges provide a detailed framework aimed at protecting investors, ensuring market transparency, and maintaining regulatory compliance. Platforms bear significant responsibilities—from verifying smart contracts, establishing a listing committee with clear duties, and rigorously evaluating assets for eligibility, to implementing regularly updated listing/delisting procedures.
This comprehensive regulation ensures that both the initial sale/distribution intermediation services and the processes for listing and delisting assets are managed in a secure, transparent, and sustainable manner.
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