Coinbase, Binance, Bitfinex and 73 Other Firms Apply for Crypto Asset Service Provider License in Turkey

Binance, Coinbase, Bitfinex and 73 different crypto firms have utilized for crypto asset service supplier licenses in Turkey.

In June, the Turkish authorities launched a brand new regulatory regime for digital belongings that requires crypto firms to acquire permission to function from the Capital Markets Board (CMB) of Turkey, the nation’s monetary regulator.

The CMB revealed a listing of 76 firms which have declared that they’ll function in accordance with the brand new regime, though the regulator has warned that the listing doesn’t imply that the businesses are literally allowed to function.

SRP Authorized, a Turkish regulation agency, notes that the brand new laws defines crypto belongings in the identical method because the European Union’s upcoming Markets in Crypto-Property Regulation (MiCA).

MiCA will present guidelines concerning the supervision, shopper safety and environmental safeguards of crypto belongings within the EU. The regulation additionally contains measures geared toward lowering monetary crimes, together with market manipulation, cash laundering and terrorist financing. It’s scheduled to enter into pressure in December 2024.

In accordance with a report by digital asset analytics agency Chainalysis, Turkey recorded the fourth-highest uncooked crypto transaction quantity of any nation between mid-2022 and mid-2023, behind solely the US, India and the UK. It additionally ranked twelfth on Chainalysis’s “World Crypto Adoption Index.”

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