Recently, Turkey’s regulatory authorities updated the list of firms applying for crypto business licenses, increasing the count from 47 to 76. This expansion sees heavyweight additions such as Coinbase, KuCoin, and Gate.io joining already approved major exchanges like Binance, Bitfinex, and OKX.
Regulatory Context and New Legislation
This surge in license applications follows the introduction of the “Law on Amendments to the Capital Markets Law,” effective July 2. This new law establishes a regulatory framework for crypto asset service providers in Turkey. However, the list of applicants is not yet indicative of formal approval. The Capital Markets Board (CMB) clarified that companies must meet regulatory requirements and receive approval upon fulfilling these criteria.
Some applicants have declared liquidation, while others have applications still under review. The CMB will continue updating the list of licensed crypto businesses as the review process progresses.
Turkey’s Position in the Global Crypto Market
Despite the absence of a comprehensive national cryptocurrency law, Turkey has implemented various regulations. The Central Bank of Turkey’s April 2021 order prohibits cryptocurrencies for payments, and the Financial Crimes Investigation Board enforces anti-money laundering regulations.
Turkey is a significant player in the global crypto market, holding the position of the world’s fourth-largest market by trade volume, estimated at $170 billion. It outpaces countries like Russia, Canada, and Germany. Although a final draft of local cryptocurrency legislation is still pending, its eventual implementation is expected to further influence the sector.
In summary, Turkey is rapidly evolving into a global leader in cryptocurrency trade, with regulatory updates and an expanding list of licensed firms setting the stage for future developments in the sector.
August 2024, Cryptoniteuae
