Blockchain Regulation Journal - July 2026
Regulators are beginning to identify winning companies, from MiCA licenses to Turkey’s VASP list.
TL;DR
🟥 Akbank, Garanti BBVA, and Yapı Kredi were granted crypto asset custody authorization
The Capital Markets Board (CMB) favorably responded to the authorization requests of Akbank, Türkiye Garanti Bankası, and Yapı ve Kredi Bankası to operate as crypto asset custody institutions. This decision indicates that Turkey’s crypto asset market has entered a new phase through institutional custody infrastructure. The involvement of the three major banks in custody suggests that topics such as secure custody, operational standards, and regulated financial infrastructure will become more central in the VASP (Crypto Asset Service Provider) ecosystem. * *
🟥 The market is being reshaped as the MiCA transition period approaches its end in Europe. ESMA’s interim MiCA register makes authorized crypto asset service providers and related registrations visible at a single reference point across the EU. Binance announced that it withdrew its MiCA application in Greece and will seek authorization in another EU country. *
🟥 The CMB’s active VASP list has decreased to 56 institutions. Bithero and Minka appear to have moved to the liquidation process category. The list is still temporary, and the CMB specifically states that inclusion on the list does not mean authorization. *
🟥 Stablecoins are once again at the center of regulatory attention. A new BIS study suggests that reading stablecoin transfers as simple payments can be misleading, as the majority of flows are embedded in more complex financial transactions like trading, lending, arbitrage, liquidity provision, and settlement. *
🟧 Institutional players are prominent in the MiCA license race. Ripple announced that it received preliminary approval for a CASP license under MiCA from Luxembourg’s CSSF. Following full approval, the company aims to offer regulated crypto asset and payment services to banks, fintechs, and corporations across the European Economic Area. *
🟧 Malta announced a regulation discussion for DeFi. The MFSA published a discussion paper on decentralized finance. The text brings up topics such as the scope of MiCA, financial crime risks, software-based organizational models, the guardian agent approach, and the management of risks arising from smart contracts. *
🟧 Citi Institute’s Tokenization 2030 report estimates the 2030 base scenario for tokenized assets at $5.5 trillion, with an optimistic scenario at $8 trillion. According to the report, early adoption is expected to concentrate in public debt instruments, liquid collateral, and publicly traded securities. *
🟧 Perpetual futures are moving to regulated markets in the US. The path opened by the CFTC for Coinbase and Kalshi suggests that a portion of offshore volumes could be drawn into supervised structures in the US. This also initiates a new debate regarding traditional exchanges, leverage limits, and investor protection. *
🟧 Banks and regulated financial institutions are becoming more visibly involved in crypto services in Europe and Spain. BBVA’s launch of Bitcoin and Ether trading and custody services in Spain indicates that banks are approaching crypto asset services with a more open strategy following MiCA. *