The deadline given by CMB to Cryptocurrency Exchanges expires tomorrow! First Application Arrived!

As it is known, at the beginning of July in Turkey, the “Law on Amendments to the Capital Markets Law” No. 518, publicly known as the cryptocurrency law, came into force by being published in the Official Gazette on 02.07.2024.

Within the scope of this law, cryptocurrency service providers operating or will operate in Turkey are placed under the regulatory and supervision authority of the Capital Markets Board (CMB).

Again, within the scope of this law, a one-month preliminary application and transition period was granted to cryptocurrency exchanges that wanted to operate in Turkey.

In this context; As of 02.07.2024, platforms that carried out crypto asset service provider activities and wanted to continue to do so were required to submit their appropriate declarations, together with information, documents and explanations, to the CMB in writing by 02.08.2024.

Likewise, platforms that have been carrying out crypto asset service provider activities as of 02.07.2024, but do not want to continue their activities, must submit their statements to the CMB on how they will carry out the liquidation process, along with their declaration that they will take a liquidation decision and that they will not accept new customers during the liquidation process, by 02.08.2024. They had to submit it in writing.

The deadline for Cryptocurrency Exchanges expires tomorrow, the first application has arrived!

While the transition period and the period granted to cryptocurrency exchanges will end on August 2, the European-based cryptocurrency exchange WhiteBIT TR has applied to the CMB to operate as a crypto service provider in compliance with the crypto law in Turkey.

According to DHA news, the stock exchange named WhiteBIT TR stated that it has applied to the CMB.

In the statement made by WhiteBit TR, it was stated that “Within the framework of the new regulations in Turkey, we follow all the necessary processes to continue our activities in accordance with Articles 35/B and 35/C of the CMB Law and to ensure the security of our users at the highest level.”

In the news, WhiteBIT TR CEO Volodymyr Nosov said, “As one of Europe's leading stock exchanges, we emphasized the importance we attach to the Turkish market at every opportunity. With the clarification of the legal framework for crypto asset service providers in Turkey, we completed our preparations in a short time and made our preliminary application. We would like to state that we follow legal developments closely and act determinedly to protect the rights of our users. We are doing our part to comply with the regulations. “We will continue to share developments regarding this process through our official communication channels.”

However, information regarding this application does not yet appear on the official website of the CMB.

WhiteBIT Türkiye olarak Kripto Varlık Düzenlemesi için ön başvurumuzu gerçekleştirdik!

WhiteBIT Teknoloji A.Ş. olarak, Sermaye Piyasası Kurulu'nun 2 Temmuz 2024 tarihinde yürürlüğe giren yeni düzenlemeleri kapsamında ön başvurumuzu tamamladık. pic.twitter.com/eSWBUA3rnL

— WhiteBIT Turkiye (@WhiteBIT_TR) July 31, 2024