- Crypto license applicants have flocked to Turkey.
- This came after the country recently enacted a crypto regulation framework.
- The companies are awaiting secondary legislation to get full authorization.
Turkey’s Capital Markets Board (CMB) has published the list of crypto service providers awaiting licensing approval under the newly enacted ‘Law on Amendments to the Capital Markets Law.’
President Recep Tayyip Erdoğan assented to the new crypto regime into law on July 2, days after it received a unanimous “yes” vote in the Turkish Grand National Assembly. The framework went into full force the same day after publication in the Official Gazette.
Crypto License Applicants in Turkey
The new regime has sparked interest in Turkey’s burgeoning digital asset landscape, which Chainalysis ranks as the fourth-largest crypto market globally, with $170 billion in estimated trading volume.
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According to CMB’s website, at least 47 crypto companies have “declared” that they will operate according to the regime and have submitted applications for a license. These include the world’s largest crypto exchange, Binance, OKX, Bitfinex, and others.
The CMB clarified in an earlier statement that making it to the list of “Those in Operation” doesn’t mean the companies have the board’s full authorization. The 47 companies must apply for CMB’s authorization separately after secondary crypto legislation enters full force.
While the anticipated secondary legislation has yet to be introduced in parliament, Turkish Minister of Treasury and Finance Mehmet Şimşek said in January that the draft was in its final stages of development, with the technical aspects of its implementation being evaluated.
In addition to mandating crypto service providers obtain a license from the CMB, the secondary legislation aims to provide legal definitions of key industry terms, including what constitutes “crypto assets,” “crypto wallets,” and “crypto asset buying and selling platforms.”
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