The Turkish Capital Markets Authority (CMB) has published a list of crypto service providers seeking licensing under the new “Capital Markets Law Amendment Act”.

President Recep Tayyip Erdoğan signed the new law on July 2 after it was unanimously approved by the Grand National Assembly of Turkey. The law came into force immediately after its publication in the Official Gazette.

The Turkish crypto market is booming

The new framework has drawn attention to Turkey’s growing digital asset market. According to Chainalysis, Turkey is the fourth-largest crypto market in the world with an estimated trading volume of $170 billion.

The CMB website shows that 47 crypto companies have declared their intention to operate under the new law and have applied for licenses. This list includes major global crypto exchanges such as Binance, OKX and Bitfinex.

Previously, Binance announced changes to its services in Turkey to improve transparency and regulatory compliance, as reported by Finance Magnates. The company, which follows regulatory developments in Turkey, intends to work with regulators and support a regulatory framework to protect users.

While Binance.com will remain accessible in Turkey, the Turkish language option will be phased out over a period of three months and marketing activities targeting Turkish users will be discontinued.

Full authorization still pending

The CMB has pointed out that inclusion in the list does not imply full authorization. These entities will still need to separately seek authorization from the CMB after the adoption of secondary crypto laws.

This secondary law, which has not yet been submitted to parliament, is intended to define key terms in the industry, such as “crypto assets,” “crypto wallets,” and “crypto asset buying and selling platforms.” Turkish Finance Minister Mehmet Şimşek said in January that the draft of this law was nearing completion and technical details were being reviewed.