Turkey’s Capital Markets Board (CMB) has released a list of 47 crypto service providers that are seeking licensing under the recently enacted “Law on Amendments to the Capital Markets Law.” This new legislation, signed by President Recep Tayyip Erdoğan on July 2, immediately became effective upon its publication in the Official Gazette following unanimous approval by the Turkish Grand National Assembly.

The new regulatory framework is a significant step in Turkey’s booming digital asset market, which is now the fourth-largest globally with an estimated trading volume of $170 billion, according to Chainalysis. Major global crypto exchanges like Binance, OKX, and Bitfinex are among those seeking licenses under this law, reflecting the growing interest and activity in Turkey’s cryptocurrency sector.

In response to the evolving regulatory landscape, Binance has already made adjustments to its operations in Turkey to enhance transparency and compliance. While the company plans to maintain its platform in Turkey, it will phase out Turkish language options and cease marketing activities aimed at Turkish users over the next three months.

However, inclusion on the CMB’s list does not equate to full authorization. These companies will need to obtain separate approval from the CMB once secondary legislation, which is still under development, is enacted. This forthcoming legislation is expected to define critical industry terms and set more specific regulatory standards for crypto assets, wallets, and trading platforms. Turkish Minister of Treasury and Finance Mehmet Şimşek has indicated that the draft of this legislation is near completion, with final technical details currently under review.

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Source: financemagnates.com

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