Binance, Coinbase, Bitfinex, and 73 other cryptocurrency companies have submitted applications for crypto asset service provider licenses in Turkey. This move follows the Turkish government’s implementation of a new digital asset regulatory framework in June, mandating that crypto firms obtain authorization from the Capital Markets Board (CMB) of Turkey, the nation’s financial regulator.
The CMB recently released a list of 76 firms, including these major players, that have pledged to comply with the new regulations. However, the regulator has clarified that inclusion on this list does not equate to official authorization to operate.
According to SRP Legal, a Turkish law firm, the new legislation aligns with the European Union’s forthcoming Markets in Crypto-Assets Regulation (MiCA). MiCA is set to introduce comprehensive rules for the supervision, consumer protection, and environmental impact of crypto assets within the EU. Additionally, it will feature measures aimed at curbing financial crimes such as market manipulation, money laundering, and terrorist financing, with the law scheduled to come into effect in December 2024.
Between mid-2022 and mid-2023, Turkey recorded the fourth-highest volume of raw crypto transactions globally, trailing only the United States, India, and the United Kingdom, according to digital asset analytics firm Chainalysis. The country also ranked 12th on Chainalysis’ “Global Crypto Adoption Index.”
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