Directive on the Procedures and Principles of the Crypto Asset Central Registry System Published

On July 29, 2025, the “Directive on the Procedures and Principles of the Crypto Asset Central Registry System” (the “Directive“) was published, regulating the processes and transactions related to the integration of Crypto Asset Service Providers (“CASPs“) with the Central Registry Agency (“MKK“). This Directive was prepared within the framework of the 2nd paragraph of Article 32 of the Communiqué on the Procedures and Principles of Operation and Capital Adequacy of Crypto Asset Service Providers No. II-35B.2. The Directive contains detailed information on the Crypto Asset Central Registry System and MKK reporting system. Some important parts of this information are summarized below.

Crypto Asset Central Registry System and Membership

The Directive defines the system where crypto asset data reported to the MKK system is stored and provided by the MKK as the Crypto Asset Central Registry System (“KVMKS“). CASPs are required to be a member of the MKK in order to access KVMKS. Two copies of the membership agreement and the membership fee receipt are required for the KVMKS membership. CASPs applying for membership must obtain an operating license from the Capital Markets Board (“CMB“).

Before the applications are made to the Board for obtaining a CASP operating license in order to provide services as a Platform or Custody Institution, the technical and system integration tests with the MKK must be completed successfully. If the tests are successful, the member is given a document stating that it has met the necessary conditions for the technical integration with the MKK.

It is stated that platforms are obliged to transmit certain information to the MKK according to the nationality and identity type of the investor in order to identify or create the registration numbers of investors who are their customers.

Reporting

Crypto assets to be listed are defined in the KVMKS by the platforms before listing on the platforms. If there is a change in the listed crypto asset information or if the crypto asset is removed from the list, it is updated in the KVMKS. It is essential that transaction information regarding all transactions carried out on the platforms is transferred to the KVMKS instantly on a party basis without netting. Transactions that do not occur in the platform’s book-entry system are not reported to the MKK.

The Directive details the Buy-Sell information, Deposit-Withdrawal information, and transfer information to be sent to the KVMKS by the platform.

It is essential that CASPs transmit the reports that need to be submitted to the KVMKS instantly. In any case, the reports must be sent no later than 04:00 on the day following the end of the transaction day.

The status of the changed investor balance and the balances held at the platform as of the end of the day must be reported to the MKK by 04:00:00 of the following day. Custody institutions authorized by the CMB to provide crypto asset custody services report the crypto asset balances they hold on behalf of the platforms to the MKK in the same way. Consistency comparisons are made by the MKK.

CASPs which are included in the “List of Active Persons” that announced on the CMB’s website and which apply to the CMB for an operating license are obliged to apply for membership to the MKK within 1 (one) month from the effective date of the Directive.