Turkey’s Capital Markets Board (CMB) has recently provided an important update regarding crypto asset service providers in light of newly established regulations. The provisional lists reveal 47 companies currently operational, alongside three that are in the process of liquidation. Existing crypto service providers are mandated to seek permits or initiate liquidation by specified deadlines, with legal consequences for those who fail to comply.
**Update from Turkey’s Capital Markets Board on Crypto Asset Service Providers**
Last week, the Capital Markets Board of Turkey, which serves as the nation’s financial regulatory body, issued a statement clarifying the situation of crypto asset service providers following the implementation of the “Law on Amendments to the Capital Markets Law” on July 2.
This statement consists of two distinct lists. The first list showcases 47 entities that have submitted applications to the CMB. These companies are currently functioning under the Capital Markets Law and are active within the financial technology arena. However, the regulatory body emphasized that inclusion on this list does not equate to formal approval under the applicable laws. Notable firms among these include well-known crypto exchanges such as Bitfinex, Binance Turkey, Btcturk, and Okx.
The second list comprises three companies that have stated their intention to liquidate. Institutions that do not have complete information or are under investigation are not classified as operational and are therefore omitted from the listings.
Additionally, the announcement delineates the new regulations that crypto asset service providers in Turkey must adhere to. As of July 2, all such providers are required to follow the guidelines established by the CMB. Those already in operation as of this date must either apply for an operational permit within one month or opt for liquidation within three months, during which they are prohibited from accepting new customers. Noncompliance may lead to severe penalties, including fines and imprisonment. Providers based outside Turkey that direct their services towards Turkish residents must halt these activities by October 2. Furthermore, ATMs and similar devices that facilitate crypto transactions must also cease operations by this deadline. Legal actions will be pursued against those who do not comply, as stipulated under Articles 99/A and 109/A of the amended law.
What are your thoughts on Turkey’s new regulations for crypto service providers and their potential impact on the crypto market? Share your views in the comments section below.
