Binance, Coinbase, Bitfinex and 73 other crypto companies have applied for crypto asset service provider licenses in Turkey.
In June, the Turkish government introduced a new regulatory regime for digital assets that requires crypto companies to obtain permission to operate from the Capital Markets Board (CMB) of Turkey, the country’s financial regulator.
The CMB published a list of 76 companies that have declared that they will operate in accordance with the new regime, although the regulator has warned that the list does not mean that the companies are actually allowed to operate.
SRP Legal, a Turkish law firm, notes that the new legislation defines crypto assets in the same way as the European Union’s upcoming Markets in Crypto-Assets Regulation (MiCA).
MiCA will provide rules regarding the supervision, consumer protection and environmental safeguards of crypto assets in the EU. The law also includes measures aimed at reducing financial crimes, including market manipulation, money laundering and terrorist financing. It is scheduled to enter into force in December 2024.
According to a report by digital asset analytics firm Chainalysis, Turkey recorded the fourth-highest raw crypto transaction volume of any country between mid-2022 and mid-2023, behind only the United States, India and the United Kingdom. It also ranked 12th on Chainalysis’s “Global Crypto Adoption Index.”
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