Turkey's Capital Markets Board (CMB) has released an important update regarding crypto asset service providers in light of new regulatory measures. The provisional lists presented include 47 companies currently operational and three that have announced plans to liquidate. Existing crypto service providers are mandated to either apply for permits or initiate liquidation by certain deadlines, with legal consequences for those who do not comply.
**Turkey’s Capital Markets Board Clarifies Status of Crypto Asset Service Providers**
Last week, Turkey's financial regulatory authority, the Capital Markets Board, made an announcement to clarify the standing of crypto asset service providers following the implementation of the “Law on Amendments to the Capital Markets Law” on July 2.
The announcement consists of two distinct lists. The first outlines 47 entities that have submitted applications to the CMB. These companies are currently functioning in accordance with the Capital Markets Law and are active within the financial technology sector. However, the regulator emphasized that inclusion on this list does not equate to formal authorization under the applicable laws. This provisional list features a variety of businesses, including major crypto exchanges such as Bitfinex, Binance Turkey, Btcturk, and Okx.
The second list comprises three companies that have expressed their intention to liquidate. Institutions that lack comprehensive information or are undergoing investigations are not classified as operational and are thus excluded from the lists.
Moreover, the announcement elaborates on the new regulations for crypto asset service providers in Turkey. As of July 2, these providers must adhere to the regulations established by the CMB. Those already in operation at this date are required to either apply for an operational permit within one month or begin the liquidation process within three months, during which they must stop accepting new customers. Noncompliance could lead to serious penalties, including imprisonment and fines. Additionally, foreign providers targeting Turkish residents must cease these activities by October 2. Crypto ATMs and similar devices facilitating transactions must also stop operations by this deadline. Failure to comply with these regulations will trigger legal action 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 effects on the crypto market? We welcome your views in the comments section below.