Turkey's CMB Lists 47 Crypto Providers Awaiting Licensing under New Law

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 marketing
activities 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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