Turkey's Capital Markets Board (CMB) has released a list of crypto service providers seeking licensing under the new “Law on Amendments to the Capital Markets Law.”
President Recep Tayyip Erdoğan signed the new legislation into law on July 2, following its unanimous approval by the Turkish Grand National Assembly. The law took effect immediately upon publication in the Official Gazette.
Turkey’s Crypto Market Booms
The new framework has drawn attention to Turkey’s growing digital asset market. According to Chainalysis, Turkey ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion.
The CMB’s website shows that 47 crypto companies have declared their intention to operate under the new law and have applied for licenses. This list includes major global crypto exchanges such as Binance, OKX, and Bitfinex.
47 #crypto companies applied for the business license in Turkey. Including @binance and @okx pic.twitter.com/SftAX6MwPi
— Yellow Capital (@yellow__capital) August 9, 2024
Earlier, Binance announced changes to its services in Turkey to enhance transparency and regulatory compliance, as Finance Magnates reported. The company, which has been tracking regulatory developments in Turkey, aims to collaborate with regulators and support a regulatory framework for user protection.
While Binance.com will remain accessible in Turkey, the Turkish language option will be phased out over three months, and marketingactivities targeting Turkish users will cease.
Full Authorization Still Pending
The CMB has noted that inclusion on the list does not indicate full authorization. These companies must still seek the CMB’s authorization separately once secondary crypto legislation is enacted.
This secondary legislation, which has not yet been introduced to parliament, is expected to define key industry terms, such as “crypto assets,” “crypto wallets,” and “crypto asset buying and selling platforms.” Turkish Minister of Treasury and Finance Mehmet Şimşek indicated in January that the draft of this legislation was nearing completion and that technical details were being reviewed.
This article was written by Tareq Sikder at www.financemagnates.com.
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