Turkey's Crypto Landscape Shifts: 47 Companies Seek Compliance Under New Regulations

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Turkey's financial watchdog reveals 47 companies applying for crypto operation permits, while three opt for liquidation amid stringent new regulations.

Turkey's Capital Markets Board (CMB) has released an update on the status of crypto asset service providers following recent legislative changes. The announcement, made in response to the "Law on Amendments to the Capital Markets Law" enacted on July 2, outlines new regulatory requirements and presents two provisional lists of affected companies.

The first list comprises 47 entities that have submitted applications to the CMB. These companies, currently operating under the Capital Markets Law in the financial technology sector, include major players like Bitfinex, Binance Turkey, Btcturk, and Okx. However, the regulator emphasizes that inclusion on this list does not constitute official authorization under the relevant laws.

A second, smaller list identifies three companies that have declared their intention to liquidate. The CMB notes that institutions with incomplete information or under ongoing investigation are not considered operational and thus are not listed.

The new regulations stipulate that crypto asset service providers must now comply with CMB guidelines. Providers operational as of July 2 face a critical decision: apply for an operating permit within one month or initiate liquidation within three months. During the liquidation process, these entities must cease accepting new customers. Non-compliance may result in severe penalties, including imprisonment and fines.

Foreign-based providers targeting Turkish residents must terminate such activities by October 2. This deadline also applies to the cessation of crypto transaction-facilitating ATMs and similar devices. The CMB warns that failure to adhere to these regulations will trigger legal action under specific articles of the amended law.

This regulatory overhaul marks a significant shift in Turkey's approach to cryptocurrency operations, aiming to bring greater oversight and structure to the burgeoning digital asset market within the country.

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Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.