Turkey’s Capital Markets Board has issued an update regarding crypto asset service providers following the implementation of new regulations. The update includes a provisional list that features 47 operational companies, along with three companies that are planning to liquidate.
According to the new regulations, current crypto service providers are required to apply for permits to continue their operations or proceed with liquidation by the specified deadlines. Companies that fail to comply with these requirements will face legal repercussions.
Turkey’s CMB Clarifies Crypto Provider Status
The Capital Markets Board of Turkey, the country’s financial regulatory and supervisory agency, issued an announcement last week to clarify the status of crypto asset service providers after the “Law on Amendments to the Capital Markets Law” was enacted on July 2.
The announcement includes two lists. The first list comprises 47 entities that have submitted applications to the Capital Markets Board (CMB). These entities are currently operating under the Capital Markets Law and are active in the financial technology sector.
However, the CMB emphasized that inclusion on this list does not imply official authorization under the relevant laws. This provisional list features a variety of companies, including prominent crypto exchanges such as Bitfinex, Binance Turkey, Btcturk, and Okx.
Turkey Enforces New Regulations for Crypto Asset Providers
The Capital Markets Board of Turkey has released a second list that includes three companies that have declared their intention to liquidate. Institutions lacking complete information or under ongoing investigation are not recognized as operational and are therefore not listed.
The announcement further outlines new regulations for crypto asset service providers in Turkey, effective from July 2. According to these regulations, providers must comply with the standards set by the CMB. Providers that were already in operation as of this date must apply for an operating permit within one month or choose to liquidate within three months, during which time they must cease accepting new customers. Failure to comply with these regulations may result in penalties, including imprisonment and fines.
Additionally, foreign-based providers targeting Turkish residents are required to terminate such activities by October 2. ATMs and other devices facilitating crypto transactions must also cease operations by this deadline. Noncompliance will lead to legal action under Articles 99/A and 109/A of the amended law.
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