Blockchain Regulation Journal - March 2026

Blockchain Regulation Journal is a monthly brief on crypto and blockchain regulations in Türkiye and beyond.

node101 and Mete Koray Gergin

Mar 03, 2026

TL;DR — What mattered in February

🟥 Türkiye moved toward a two-layer crypto tax model: a transaction tax proposal and withholding on platform gains.*
🟥 UK enforcement escalated: FCA filed legal proceedings against HTX over illegal financial promotions.*
🟧 UK’s upcoming crypto regime is getting real rulebook detail (conduct, safeguarding, reporting) via FCA consultation CP26/4.*
🟧 Europe is legitimizing DLT capital markets plumbing: ECB will accept certain DLT-issued CSD assets as collateral from 30 March 2026.*
🟧 Tokenization got clearer US framing: SEC staff outlined models/risks for tokenized securities (issuer vs third-party; custodial vs synthetic).*
🟧 Stablecoin licensing is tightening globally (HK, UK, banks lobbying against “yield-like” stablecoins).*

February in One Screen

Türkiye

🟥 Crypto Transaction Tax proposed (0.03%)

A bill submitted to TBMM proposes a “crypto asset transaction tax” on crypto sales/transfers intermediated by KVHSs (Crypto Asset Service Providers), at 0.03% (on binde 3) of sale amount / transfer market value. *

🟥 Withholding tax proposal on platform gains (10%)

Same bill proposes 10% withholding on gains/returns from crypto transactions executed on SPK(Turkish SEC)-regulated platforms, assessed in quarterly periods. *

🟧 KVMKS (MKK) published 2026 fee tariff — onboarding costs clarified

MKK(Central Registry Institution) issued KVMKS 2026 fee tariff approved by SPK. *
Key numbers (often confused as “minimum capital”): this document is fees, not capital. It sets (among others) ₺875,000 one-time membership entry fee and ₺75,000 annual membership fee.

🟧 KVHS Data Reporting System — operational compliance reminder

Reporting obligations were circulated via industry/firm updates (including requirement to appoint designated reporting contacts and submit even “zero” entries where applicable). *

🟩 TSPB (Turkish Capital Markets Association) Crypto Asset Market e-Bulletin begins (Issue #1)

TSPB launched Crypto Asset Market e-Bulletin (Issue 1) covering Feb 9–16 and broader market/infrastructure themes. *

🟧 Compliance tone: stronger criminal/asset-freeze mechanics awareness

TSPB (Turkish Capital Markets Association) bulletin highlights legal framework updates around freezing/seizure mechanisms in cybercrime contexts (contextual but relevant for KVHS (Crypto Asset Service Providers) controls and cooperation). *

Global

🟥 FCA (Financial Conduct Authority - British SEC or SPK) takes legal action against HTX over illegal promotions

FCA began legal proceedings against HTX for allegedly continuing unlawful crypto promotions to UK consumers; also sought platform/app restrictions in the UK. *

🟧 FCA CP26/4: rulebook detail for regulated cryptoasset activities

FCA consultation opened 23 Jan 2026, closes 12 Mar 2026; covers Consumer Duty, redress/complaints, conduct standards, reporting, safeguarding, SM&CR, etc. Builders targeting the UK should treat this as the “how-to” of compliance architecture. *

🟧 UK advertising watchdog bans Coinbase ads

UK ASA banned certain Coinbase ads for implying crypto could ease cost-of-living pressures without proper risk framing (broadly covered in UK press). *

EU
4) 🟧 ECB(European Central Bank): DLT-issued CSD assets become eligible Eurosystem collateral

From 30 March 2026, Eurosystem will accept marketable assets issued in CSDs using DLT-based services as eligible collateral (still within existing eligibility/settlement criteria like T2S reachability). Big institutional validation for tokenized securities rails (but still “within the perimeter”). *

🟧 ESMA MiCA: staff knowledge & competence guidelines

ESMA guidelines require CASPs to ensure staff providing info/advice have appropriate competence; management body should review effectiveness at least annually; higher bar for advice vs info; applies also to staff shaping automated advice/information. *

🟧 Ripple receives full EU EMI license in Luxembourg

Ripple announced final approval of an Electronic Money Institution license from Luxembourg’s CSSF (Feb 2, 2026). *

US
7) 🟧 SEC staff statement on tokenized securities

SEC staff described tokenized securities models (issuer-sponsored vs third-party), and flagged risk distinctions between custodial tokenized vs synthetic/linked exposures. *
So if you’re building tokenization, you need crisp mapping of rights, settlement record (master file), custody and bankruptcy risk.

Hong Kong
8) 🟧 HK stablecoin regime: licensing required for fiat-referenced stablecoin issuance

HKMA’s (Hong Kong Monetary Authority) stablecoin issuer regime (under the Stablecoins Ordinance) requires licensing for fiat-referenced stablecoin issuance. *
Banking angle: JPMorgan leadership has warned yield-bearing stablecoins could resemble a “parallel banking” system without safeguards (part of the political pressure shaping stablecoin rules). *

Next month’s watchlist (March 2026)

UK FCA CP26/4 consultation closes 12 March 2026
ECB collateral change goes live 30 March 2026
Türkiye tax bill path in TBMM: watch committee steps, amendments, and implementation start

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