The Turkish Capital Markets Council (CMB) has published a list of crypto service providers applying for a license under the new ‘Law on Amendments to the Capital Markets Law’.

President Recep Tayyip Erdoğan signed the new legislation on July 2, following unanimous approval by the Turkish Grand National Assembly. The law came into effect immediately after publication in the Official Gazette.

Turkish crypto market booms

The new framework has drawn attention to Turkey’s growing digital asset market. According to Chainalysis, Turkey is the world’s fourth-largest crypto market, with an estimated trading volume of $170 billion.

The CMB website shows that 47 crypto companies have expressed 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 have applied for a business license in Turkey. Including @binance And @okx photo.twitter.com/SftAX6MwPi

— Yellow Capital (@yellow__capital) August 9, 2024

Earlier, Binance announced changes to its services in Turkey to improve transparency and regulatory compliance, as reported by Finance Magnates. The company, which has been monitoring regulatory developments in Turkey, aims to work 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 a three-month period and marketing activities targeting Turkish users will be halted.

Full authorization still pending

The CMB noted that inclusion on the list does not mean full authorisation. These companies will still need to apply for authorisation from the CMB separately once secondary crypto legislation is passed.

This secondary legislation, which has not yet been submitted to parliament, is expected to define key industry terms such as “crypto assets,” “crypto wallets,” and “platforms for buying and selling crypto assets.” Turkish Finance and Finance Minister Mehmet Şimşek indicated in January that the draft of this legislation was almost complete and that its technical details were being reviewed.

This article was written by Tareq Sikder on www.financemagnates.com.