"Crypto asset custody is a core pillar of regulation"

The significance of the March 31, 2026 deadline, seen as a critical milestone in Türkiye's crypto regulatory framework, was discussed in a webinar featuring Paribu Legal Director Mehmet Türkarslan and Abdulkadir Kahraman, General Manager of Paribu Kripto Varlık Saklama Kuruluşu A.Ş.

Crypto asset custody is a core pillar of regulation

Mehmet Türkarslan described crypto asset custody as a core pillar of regulation in Türkiye. He noted that custody brings distinct responsibilities for trading platforms and custody institutions, particularly in the management and control of client assets and private keys. He also underlined the importance of data sovereignty, stating that regulators expect critical key infrastructure and control mechanisms to remain in Türkiye.

Türkarslan added that custody should be assessed within a broader regulatory and financial infrastructure context. He referred to the potential tokenization of capital markets instruments, the Digital Turkish Lira project, TÜBİTAK Infrastructure Criteria, and the Capital Markets Board's information systems rules as part of the same regulatory picture.

He also explained that the framework offers two custody models: a 95%-5% model and a 100%-0% model. In the first, 95% of assets are held by the custodian while 5% remains under the platform's hot wallet management. In the second, both hot and cold wallets fall fully under the custodian's responsibility. Türkarslan noted that companies failing to align with the rules by March 31 may face significant legal and operational risk, especially if they continue to rely on overseas structures or systems.

Looking beyond the deadline, he said blockchain network coverage, the ability to onboard new networks, and the quality of wallet and transfer operations will directly affect whether listed crypto assets can remain available on platforms. Assets that can technically be custodied but are not transferred into compliant custody structures may face delisting risk.

Abdulkadir Kahraman emphasized that strong financial and technical capacity remains essential for custody providers. He noted that the minimum capital requirement for custody institutions was raised to TRY 630 million in 2026, while Paribu Kripto Varlık Saklama Kuruluşu A.Ş. has TRY 1.5 billion in paid-in capital. He also highlighted Paribu's long-standing blockchain expertise and its in-house ColdShield® technology, which supports the requirement to keep wallets, private keys, software, and servers within Türkiye. He added that early action on custody and information systems compliance will be critical for business continuity.