Will Banks Seize Crypto in Turkey: CMB List of Companies to Provide Custody Services Announced

The Capital Markets Board has updated two lists it shared regarding crypto asset platforms. After the update, it was observed that some companies were included in the scope of the custody service application.

The CMB updated the list, which is a preliminary approval, published regarding the details of the operating crypto asset platforms, and provided new details about the sector that will take shape with the law in Turkey.

The list included applications from Akbank's crypto asset platform Stablex, Garanti BBVA's crypto asset wallet, and QNB. However, the updated list included new companies included in the scope of "Custody Application".

Among these companies, İş Bankası was seen to have applied for custody service. In addition, Misyon Yatırım Bankası was among the companies that applied within the same scope and received preliminary approval. Another application under the same title was that the cryptocurrency exchange Paribu applied for custody services with a new company called Paribu Digital Asset Storage Technologies Inc. and received preliminary approval.

The controversial title of the process: Banks providing custody services

While the cryptocurrency community thinks that banks providing custody services will create a trust environment for new investors and that this will bring new players to the sector, they also claim that such involvement of banks in the process will completely change the nature of the sector.

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