KMTS at refineries and a new concept: digital precious metal

What changed

Two separate amendments have been made to the Communiqué (tebliğ) on Precious Metal Standards and Refineries.

First — KMTS. Refineries whose applications are at the evaluation stage are now required to produce within the Precious Metals Tracking System (Kıymetli Maden Takip Sistemi, KMTS). Two time limits apply: one month to apply to the General Directorate of Mint and Stamp Printing House (Darphane) for KMTS registration, and a further one month after approval to register in the system metals previously produced but not yet sold.

Second — digital precious metal. It is now possible for unprocessed precious metal whose one-to-one physical counterpart is held in custody at the Mint or the Exchange to be converted, by central clearing institutions within the scope of Law No. 6362, into a digital asset that can be transferred between Exchange members on a distributed ledger technology infrastructure — but the Ministry's favourable opinion is mandatory. The procedures and principles will be determined by the Exchange with the Ministry's favourable opinion.

Basis

Communiqué (No. 2026/1) Amending the Communiqué on Precious Metal Standards and Refineries (2023/1) · Official Gazette of 29 July 2026, No. 33324 · paragraphs added to Article 6, and Provisional Articles 2–3

Entry into force

29 July 2026 — on the date of publication. The one-month time limits for KMTS run from this date.

Who is affected

Refineries · companies whose operating licence (faaliyet izni) applications are under evaluation · Exchange members · precious metals intermediary institutions (kıymetli madenler aracı kuruluşu)

What to do

If you are a refinery, complete your KMTS registration and your stock registration on time. Precious metal not registered in KMTS cannot be sold in Türkiye — a consequence that directly halts trade.

If you are considering digital conversion, the Ministry's favourable opinion comes first; trading on the exchange also depends on the same opinion.

A brief assessment. The notable aspect of this rule is where the new asset has been placed in law. It is not regarded as a crypto-asset, nor as a capital market instrument; even so, it is traded on the exchange and transferred between members. In other words, the legislation has opened a third place without fitting it into either of the two existing categories. The Communiqué characterises it as an intangible asset. The practical meaning of this is as follows: the rule is based not on Law No. 6362 but on precious metals legislation; however, the conversion is carried out by central clearing institutions within the scope of Law No. 6362. Supervision will also come from there. Because this is a new area, the procedures and principles will take shape through Exchange regulations; it is a topic to keep under review.

Related page: Refineries