ISTANBUL, Turkey, Monday, August 26, 2024 – A number of prominent cryptocurrency exchanges, including Binance, Coinbase, and Bitfinex, have applied for crypto asset service provider licenses in Turkey.
The applications follow the enactment of a new digital asset regulatory regime in June, which requires crypto firms to obtain permission from the Capital Markets Board (CMB) to operate in the country.
The CMB has published a list of 76 firms that have declared their intention to operate under the new regime. However, the regulator has cautioned that this does not guarantee authorization.
The new Turkish legislation defines crypto assets in a manner similar to the European Union’s upcoming Markets in Crypto-Assets Regulation (MiCA). MiCA, which takes effect in December 2024, aims to establish rules for the supervision, consumer protection, and environmental safeguards of crypto assets within the EU.
Turkey’s crypto market has seen significant growth in recent years. Between mid-2022 and mid-2023, the country recorded the fourth-most raw crypto transaction volume globally, according to Chainalysis. This surge in activity has prompted the government to introduce regulations to ensure the market operates in a safe and transparent manner.
