Foreign cryptocurrency platforms serving users in Turkey need to obtain operational approval from the Capital Markets Board (SPK). The deadline for approval for foreign cryptocurrency platforms will expire on October 2. So far, 80 institutions have applied to the SPK. Institutions that have not applied will be required to terminate some of their services from this date onwards. Foreign cryptocurrency platforms serving residents in Turkey and that have not applied to the Capital Markets Board (SPK) for operational approval must end their marketing and promotional activities in the country by October 2. The Law Amending the Capital Markets Law, which regulates cryptocurrency markets in Turkey, was published in the Official Gazette on July 2 and entered into force. Under this law, SPK was given the authority to regulate cryptocurrency markets, and platforms providing services in this area are also required to obtain operational approval from the board. The regulation allows a three-month transition period for foreign cryptocurrency platforms serving residents in Turkey, and this period will expire on October 2. Associate Professor Dr. Pınar Çağlayan Aksoy of Bilkent University Faculty of Law stated that foreign-based platforms serving residents in Turkey and have not applied for operational approval must end their services by October 2. Aksoy mentioned that establishing a Turkish website or engaging in promotional and marketing activities would be considered as conducting activities targeted towards users in the country. Aksoy further explained, “After this date, sanctions as outlined in the law regarding the provision of unauthorized cryptocurrency services will be enforced against those who continue to operate activities targeting residents in Turkey.” Aksoy conveyed that a foreign-based cryptocurrency exchange sent an email to its users stating that the platform will cease Turkish usage and completely halt all marketing activities for Turkish users. She stated, “In this context, while foreign-based cryptocurrency service providers might not physically withdraw from the market, they may continue to operate in the country by withdrawing from Turkey, which is prohibited by the law.” Aksoy mentioned that the number of organizations declaring their intention to operate in this field to the SPK has reached 80. She expressed that the regulations are fundamentally positive, but the principles and rules to be followed in secondary regulations are of great importance. Aksoy described the regulations as extremely concrete and detailed, indicating a trend towards strict principle decisions, and made the following assessment: “Within the scope of the regulation, the workload of the SPK and TÜBİTAK has significantly increased. While fulfilling the tasks foreseen in the law amendment on one hand, they are trying to create new legislation on the subject on the other hand. At this point, the employment of experts well-versed in the sector in the fields of law, technology, and finance is crucial.”