A New Era for Cryptocurrency Exchanges and Crowdfunding Platforms: TSPB Status Changed
Turkey's crypto asset regulation has crossed a new and important threshold with the Presidential Decree (No: 10961) published in the Official Gazette on February 27, 2026. This decree comprehensively amended the Turkish Capital Markets Board (TSPB) Statute, which was enacted by the Council of Ministers Decision dated February 5, 2014, and numbered 2014/5934, fully incorporating crypto asset service providers (KVHS) and crowdfunding platforms (KFP) into the Board's corporate structure.
This step is a logical continuation of the crypto regulation architecture that has been built since Law No. 7518 came into force in 2024. Crypto exchanges and crowdfunding companies are now subject not only to the administrative oversight of the Capital Markets Board (CMB) but also to professional rules, a disciplinary regime, and a self-regulatory association framework.
Summary of Changes
1. Definitions Expanded
Two new definitions have been added to Article 4 of the TSPB Statute. A crowdfunding platform is defined as an institution that facilitates equity-based and/or debt-based crowdfunding and provides services electronically. A crypto asset service provider covers platforms, organizations providing crypto asset custody services, and other organizations designated to provide services in this field, including the initial sale or distribution of crypto assets.
2. Mandatory Membership
With the amendment made to Article 8 of the Statute, KVHSs and KFPs have been included in the scope of mandatory membership. It is mandatory to apply for membership to the TSPB within three months after obtaining the authorization certificate, being included in the list, or the shares starting to be traded on the stock exchange. The activities of those who do not comply with this period may be suspended by the CMB.
3. Board of Directors Expanded to 13 Members
The Board of Directors, which currently consists of 11 members, has been expanded to 13 members with the addition of two new members. The new composition is as follows:
- 3 members from brokerage firms
- 2 members from banks
- 2 members from portfolio management companies
- 1 member from investment partnerships whose shares are traded on the stock exchange
- 1 member from the Turkish Association of Valuation Experts
- 2 members from independent members
- 1 member from crypto asset service providers (new)
- 1 member from crowdfunding platforms (new)
Concrete criteria have been established for the selection of KVHS and KFP representatives to the board of directors. The KVHS representative is selected from among the top 5 custody institutions with the highest customer crypto asset custody balances and the top 5 platforms with the highest transaction volumes, or from among the top 10 KVHSs according to criteria deemed appropriate by the Board. The KFP representative is selected from among the top 10 crowdfunding platforms that raised the most funds in the previous calendar year.
4. The Supervisory Board and Disciplinary Committee Have Also Expanded
Both the Supervisory Board and the Disciplinary Committee have been expanded from 5 to 7 members. One representative each from KVHS and KFP has been added to both bodies. This allows the crypto sector and crowdfunding platforms to have a voice in all three core bodies of the Union.
5. New Professional Committees Will Be Established
With the addition to Article 25 of the Statute, three new professional committees have been established: the Crypto Asset Service Providers Professional Committee, the Crowdfunding Platforms Professional Committee, and the Investment Banks Professional Committee. These committees will play an active role in developing professional standards for the respective sectors.
6. Other Changes
General assembly meetings will now be held every November; the agenda and documents will be communicated to the Board at least 30 days before the meeting and to members at least 15 days before. Annual dues will be paid in two installments in March and July. It has also been stipulated that the board of directors will determine salary increases for personnel with the approval of the Board.
Membership Procedure: What Needs to Be Done?
For KVHS and KFPs, TSPB membership is no longer optional but a legal requirement. The basic steps of the membership process are summarized below.
Application Period
The application must be completed within three months from the date of obtaining the authorization certificate, inclusion in the SPK list, or the commencement of trading of the shares on the stock exchange. Crowdfunding platforms already on the SPK list are required to apply within three months from the effective date of this decision, February 27, 2026, i.e., by May 27, 2026, at the latest.
Application Form and Membership Entry Fee
Pursuant to Article 8 of the Statute, the membership entry fee must be deposited into the account opened in the name of the TSPB prior to the membership application, and the payment receipt must be submitted along with the application documents. Applications from organizations that have not paid the entry fee will not be accepted.
Appeal Against Rejection of Membership
An appeal may be lodged with the CMB within ten business days following notification of the decision to reject the membership application. This appeal shall be decided definitively by the Board.
Termination of Membership
The revocation of all authorization certificates and the permanent suspension of activities, removal from the CMB list, or a Board decision for crowdfunding platforms not represented on the Board of Directors may result in the deletion of the membership record.
First General Assembly and Elections
According to the provisional provisions, following the completion of the membership registration process for KVHS and KFPs, the first ordinary general assembly will be held to elect representatives for the board of directors, audit committee, and disciplinary committee of these two groups. The terms of the elected members will end concurrently with the terms of the current members.
The Big Picture: Turkey's Crypto Regulatory Architecture
It would be incorrect to view this change as an isolated administrative regulation. Since 2024, Turkey has been gradually bringing the crypto asset sector into an institutional framework equivalent to banking and capital markets. The key milestones of this process can be summarized as follows:
Law No. 7518 (July 2024): Crypto asset service providers were brought under the legal regulation and supervision of the Capital Markets Board (CMB) for the first time.
SPK Communiqués (III-35/B.1 and III-35/B.2): Detailed rules were established regarding establishment principles, capital adequacy, working procedures, and customer asset protection.
TÜBİTAK Infrastructure Criteria and Storage Requirement: Platforms are required to sign a contract with a storage institution and comply with infrastructure standards by the compliance date of March 31, 2026.
TSPB Status Change (February 2026): The sector has been included under a self-regulatory association umbrella and is now subject to professional rules and a disciplinary regime.
As a result, a crypto exchange or crowdfunding platform operating in Turkey must now meet the following multi-layered obligations: SPK license and compliance with circulars, TÜBİTAK infrastructure criteria, contract with a custody institution, MASAK/AML obligations, and TSPB membership.
What Does This Mean for the Sector?
In the short term, this change imposes an additional operational burden and financial obligations on platforms. However, the picture is more nuanced when looking at the medium and long-term outlook. Cryptocurrency platforms and crowdfunding companies that have gained representation rights under the TSPB umbrella can now have a say in the preparation of regulations affecting the sector. The establishment of professional committees paves the way for standards to be shaped with the participation of market actors.
This step is also expected to have a positive impact on investor confidence. A sector subject to a self-regulatory body and operating under the sanctions of a disciplinary regime is also moving into a stronger position in terms of international reputation.
Conclusion
This change in the TSPB Statute is a visible link in the process of removing Turkey's crypto asset and crowdfunding sector from the "fintech" category and moving it into the fully regulated financial services arena. It is crucial that all organizations operating in the sector do not overlook the three-month application period and treat TSPB membership not as a mere formality but as a compliance obligation that directly affects the continuity of their operating license.
If you wish to obtain legal support on these matters or evaluate your compliance processes, you can contact the Tevetoğlu Legal team.