🇹🇷 Landmark moment for the crypto industry in Turkey!

The Capital Markets Board of Turkey (SPK) just dropped a game-changing set of regulations on August 8, 2024. Crypto asset service providers, get ready to level up—or get left behind. 🚀

The SPK's new principles are set to redefine how crypto exchanges operate, demanding a rock-solid foundation with at least 50 million TRY in capital, joint-stock company status, and strict adherence to the law. If you're in the game, it's time to ensure your house is in order. 🏦

But that’s not all—crypto exchanges must now have the phrase "crypto asset trading platform" in their trade names and can only focus on trading, offering, distribution, clearing, transfer, and custody. The bar has officially been raised. 📈

For those still in the transition period, the clock is ticking. Companies that don't meet these tough new standards by November 8, 2024, will face serious consequences. The SPK isn't messing around. ⏳
This move is a massive step towards a more regulated and secure crypto environment in Turkey.