The CEO of the Commodity Exchange wrote a letter to the Legal Deputy of the President: The issuance of gold coin certificates by the Central Bank contradicts the Securities Market Law.

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The issuance of gold coin certificates by the Central Bank contradicts the Securities Market Law.

The Central Bank and the Exchange Center have not obtained a license to create a trading platform in the form of a stock exchange.

The plan for issuing gold coin certificates must be removed from the Central Bank’s agenda.

The letter states:
The plan for the issuance of gold coin certificates by the Central Bank has legal discrepancies with the capital market laws.

The Central Bank, like any other issuer, must follow the legal procedures of the capital market to issue securities.

According to Article 20 of the Securities Market Law, the public offering of securities without adhering to the provisions of this law is prohibited.

The issuance of gold coin certificates requires approval from the Supreme Council of the Stock Exchange.

In its 2023 resolution, the Supreme Council of the Stock Exchange emphasized the development of gold-backed securities and gold-backed funds in the capital market, and opposed transferring transactions of gold-backed securities and gold-backed funds to markets outside the capital market. It clarified that creating any gold-backed securities market or gold-backed funds requires a license from the Supreme Council of the Stock Exchange and Securities.

It is essential to carefully examine the compliance of ongoing plans, including the Central Bank’s gold coin certificate, with the relevant laws. Until the plan is revised or the legal procedures are followed, its implementation should be removed from the Central Bank's agenda.