Summary:
- Surge in Applications: 47 cryptocurrency exchanges, including Binance, Bitfinex, and OKX, have applied to operate in Turkey following the country’s new crypto regulations.
- Regulatory Compliance: The Capital Markets Board of Turkey (CMB) is reviewing these applications, but inclusion on the list does not mean official authorization.
- New Legal Framework: The applications follow the passage of a crypto bill that imposes fines and prison sentences for non-compliance with the new regulations.
International cryptocurrency exchanges, including Binance, Bitfinex, and OKX, are racing to register their services in Turkey as the country finalizes its regulatory stance on digital assets. According to the Capital Markets Board of Turkey (CMB), a total of 47 crypto companies have applied for licenses to operate within the country, marking a significant surge in interest from the crypto industry.
This wave of applications comes after Turkish legislators, led by ruling party chairman Abdullah Güler, approved a new crypto bill. The law, effective from July 2, 2024, introduces strict regulatory measures, including fines of up to $182,600 and prison sentences of up to five years for non-compliance. The bill mandates that all crypto exchanges operating in Turkey must be licensed by the CMB, and unauthorized platforms could face severe legal consequences, including imprisonment.
Despite the influx of applications, the CMB has clarified that being listed among the applicants does not equate to official authorization. Each company’s application is under review, and those that have provided incomplete or inadequate information are still being assessed. The board emphasized that formal approval is required following the implementation of secondary legislation, which is still pending.
The CMB also noted that three companies have declared liquidation, while others continue to address deficiencies in their applications. The list of companies seeking to operate in Turkey will be updated as the regulatory process unfolds.
Under the new regulations, crypto providers in Turkey must implement and report various compliance measures, including asset seizures and legal enforcement actions. They are also required to ensure that all customer fund transfers, including deposits and withdrawals, are accessible and traceable by legal authorities.
Disclaimer:
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