- Turkey’s surge in crypto licenses highlights its potential as a key player in the global cryptocurrency market.
- New Turkish regulations attract major exchanges, yet notable players like Coinbase haven’t sought licenses yet.
- Turkey ranks 4th globally in crypto trading, reflecting strong adoption despite pending comprehensive legislation.
Turkey is experiencing a notable surge in crypto license applications, highlighting the country’s expanding presence in the global crypto economy. The Turkish Capital Markets Board (CMB) recently announced that 47 cryptocurrency companies have sought licenses under new regulations, marking a significant step in Turkey’s journey toward becoming a key player in the crypto sector.
As reported by Colin Wu, among the applicants are prominent exchanges such as Bitfinex, Binance TR, and OKX TR. However, major global exchanges like Coinbase, Bybit, KuCoin, MEXC, and Gate.io have yet to apply. This disparity highlights the selective nature of the current licensing process and raises questions about the readiness of these exchanges to navigate Turkey’s regulatory environment.
The impetus behind this surge in applications is the recent implementation of the “Law on Amendments to the Capital Markets Law,” effective from July 2. This legislation introduces a structured regulatory framework for crypto asset service providers in Turkey.
Although the law aims to regulate the market, it does not immediately grant companies official authorization. Firms must undergo further scrutiny and obtain formal approval from the CMB, a process that continues as the board reviews incomplete or inadequate applications.
In addition to the new regulations, there are the existing laws governing the crypto market in Turkey. The Central Bank of Turkey through a regulation made in 2021 banned the use of cryptocurrencies such as Bitcoin for making payments as they are not recognized as legal tender.
Moreover, Anti-Money Laundering measures are implemented with the help of the Financial Crimes Investigation Board, and exchanges have to follow the rules of Know Your Customer (KYC). These measures are intended to discourage wrong-doings in the market and guarantee safe trading.
However, Turkey has been quite active in regulating cryptocurrencies despite a lack of proper legislation. It ranks among the countries with the highest cryptocurrency usage rate.
According to Chainalysis , Turkey ranks as the fourth-largest crypto market with a trading volume of approximately $170 billion. This places Turkey ahead of other significant markets, including Russia and Canada.
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