The “Ministry Communiqué on Amendments to the Communiqué on Precious Metal Standards and Refineries” was published in the Official Gazette and came into force.
The communiqué established the principles for trading on the stock exchange in unprocessed precious metals of a certain purity and weight, the exact physical counterparts of which are kept at the mint or the stock exchange.
Accordingly, precious metals may be converted into digital precious metals, which are intangible assets that are not considered crypto assets traded on platforms, or crypto assets that provide specific rights for capital market instruments or capital market instruments, by central clearing institutions through a system with a distributed ledger technology infrastructure that allows transfer between members of the exchange. Ministry approval is required to trade on the exchange.
The procedures and principles for the implementation of this Regulation and the maintenance of records shall be determined by regulations to be issued by the Exchange with the approval of the Ministry.
From the effective date of the Communiqué, the approval of the Ministry will be obtained for trading assets that have already been converted into digital precious metals, which are intangible assets.
The notification introduced new obligations for refineries under the Precious Metal Tracking System (KMTS). Accordingly, Turkish resident legal entities that have submitted an application to the Ministry at the time of entry into force of the Notice and whose application evaluation process is still in progress are required to submit under the KMTS.
Refineries required to produce under the KMTS must submit an application for KMTS registration to the Mint within one month of its entry into force.
The refineries concerned are required to register standard unprocessed precious metals and minted precious metals produced before the registration date and not yet sold into the system within one month after the Mint approves the KMTS registration procedure.
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