New Regulations on the Digitalization of Precious Metals and the Obligations of Refineries

The Amending Communiqué (Communiqué No. 2026/1) to the Communiqué on Precious Metal Standards and Refineries (Communiqué No. 2023/1) (the “Amendment Communiqué”), which was published in the Official Gazette dated July 29, 2026 and numbered 33324 and entered into force on the same date, introduced significant regulations directly concerning capital markets and precious metal refineries.

The amendments establish the legal framework for converting physical precious metals into digital assets through the use of distributed ledger technology and for trading such assets on Borsa Istanbul. They also introduce new obligations and compliance periods under the Precious Metals Tracking System (the “PMTS”) for refineries whose operating license applications are still under review.

1. Regulations on the Conversion of Precious Metals Into Digital Form and Exchange Transactions

Article 1 of the Amendment Communiqué establishes the legal framework for transferring unprocessed precious metals, the physical counterparts of which are held by the Turkish State Mint or Borsa İstanbul A.Ş. (the “Borsa Istanbul”), into a digital environment. Under the regulation, physical precious metals such as gold and silver that meet specified purity and weight requirements may be converted through a system based on distributed ledger technology that enables their transfer between members of the Borsa Istanbul. The authority to carry out such conversion transactions is limited to central clearing institutions operating pursuant to Capital Markets Law (Law No. 6362). Within this framework, central clearing institutions such as Takasbank may act as authorized institutions in the process of converting physical precious metals into digital assets. The regulation also expressly provides that the digital assets created as a result of such conversion qualify as intangible assets. However, it further stipulates that such assets shall not be regarded as capital market instruments or as crypto assets traded on crypto asset service provider platforms.

The favorable opinion of the Ministry of Treasury and Finance must be obtained for the relevant precious metal to be converted into a digital precious metal and traded on the Borsa Istanbul. The procedures and principles governing implementation, the record keeping system and the execution of transactions will be determined by the Borsa Istanbul.

Article 3 of the Amendment Communiqué also introduces a transitional provision in respect of existing digital precious metal assets. Accordingly, the favorable opinion of the Ministry of Treasury and Finance must also be obtained for assets that had already been converted into digital precious metals qualifying as intangible assets as of July 29, 2026, in order for such assets to be traded or to continue to be traded on the Borsa Istanbul.

2. Preious Metals Tracking System and Compliance Obligation of Refineries

Article 2 of the Amendment Communiqué introduces new obligations and compliance timelines for refineries that are legal entities established in Türkiye, have applied to the Ministry of Treasury and Finance for an operating license and whose applications remain under review. Within this scope, refineries whose operating license applications have not yet been finalized are required to conduct their production activities under the PMTS.

For the initiation of registration procedures under the PMTS, such refineries must apply to the Turkish State Mint by August 29, 2026 at the latest.

Refineries whose PMTS registration is approved by the Turkish State Mint are required, within one month following the approval date, to register in the system all standard unprocessed precious metals and minted precious metals that were produced before the PMTS registration date but have not yet been sold. Accordingly, refineries whose operating license applications remain under review will not only be required to conduct new production under the PMTS but will also be required to register their existing unsold inventories in the system within the prescribed period.

3. Conclusion

The new regulation represents a strategic step toward establishing a regulatory framework in Türkiye for commodity backed digital assets and blockchain based financial products. When structuring digital precious metal projects, capital market institutions should incorporate into their project timelines the process for obtaining the favorable opinion of the Ministry of Treasury and Finance, as well as the relevant authorization mechanisms. In addition, to avoid administrative sanctions and disruptions to their operations, refineries whose operating license applications remain pending should apply to the Turkish State Mint by August 29, 2026 and ensure that their existing inventories are ready for registration under the PMTS.