The new crypto bill that we previously talked about has officially become law at the end of June 2024. While we’ve already covered the basics and the importance of Turkish crypto localization, this article delves deeper into the Bill on Amendments to the Capital Markets Law and its implications.

Crypto Providers & Licensing

As we mentioned, the bill introduces a licensing framework for crypto asset service providers, which necessitates that they obtain permission from the Capital Markets Board (SPK). The SPK will oversee compliance, ensuring that companies and platforms adhere to the new regulations. Under the new law, the crypto asset service providers that are currently operating in Turkey must apply to SPK within a month, and those who don’t apply must end their operations (Daily Sabah).

Foreign crypto asset platforms conducting activities in Turkey—including operations, promotions, establishment of offices, and Turkish-language websites—will be considered as operating within the country. This means that they will be deemed unauthorized if they lack proper permissions and licenses.

Building Trust in the Turkish Crypto Market

These stringent licensing requirements are designed to build trust in Turkey’s crypto market. By holding service providers accountable for mishandling funds, the law aims to protect users and enhance overall confidence in the market.

The new law also includes definitions of some crypto-related terms such as “crypto asset” and “wallet”, eliminating the doubts of users as to what these relatively new concepts mean.

Leverage the Power of Crypto Localization

As the market becomes safer and more regulated, the potential for expansion within Turkey is significant. Localized operations will be crucial for crypto companies to effectively cater to the unique needs and preferences of Turkish users.

Overall, the enhanced safety and regulatory clarity provided by the new law position Turkey as an even more attractive hub for crypto activities. This is an opportune time for crypto companies to expand their operations and leverage the benefits of Turkish localization to drive growth and success in this promising market.

Written by
Ecenaz Batur
Marketing Specialist