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Turkey Seeing Surge in Crypto License Applications Amid New Regulations
Aug. 09, 2024. 2 mins. read.
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Turkey's crypto sector is booming, with 47 firms, including Bitfinex and Binance TR, applying for licenses under new regulations. However, Coinbase and other major platforms haven't applied yet.
Turkey’s cryptocurrency sector is witnessing a notable surge in license applications as both local and international companies prepare to operate under new regulations. The Turkish Capital Markets Board (CMB) recently announced that 47 cryptocurrency firms have applied for licenses following the implementation of new legislation.
This influx includes prominent exchanges like Bitfinex, Binance TR, and OKX TR. However, major platforms such as Coinbase, Bybit, KuCoin, MEXC, and Gate.io have yet to submit their applications.
The surge in applications follows the introduction of the “Law on Amendments to the Capital Markets Law,” which came into effect on July 2. This law is designed to establish a regulatory framework for crypto asset service providers in Turkey. According to the CMB, three companies have declared liquidation, while others are still under review due to incomplete or inadequate information.
The CMB has made it clear that being listed among “Those in Operation” does not equate to official authorization. Companies are required to obtain formal approval from the board after the enactment of secondary legislation. The list will be updated as companies address deficiencies or as the CMB completes its investigations.
Despite the absence of comprehensive cryptocurrency legislation, Turkey has already implemented two key regulations. The first, established by the Central Bank of the Republic of Turkey in 2021, prohibits using cryptocurrencies like Bitcoin for payments. The second regulation focuses on Anti-Money Laundering measures, requiring exchanges to collect Know Your Customer (KYC) data.
Turkey’s proactive approach to cryptocurrency regulation comes as no surprise, given its significant presence in the global crypto economy. With an estimated trading volume of $170 billion, Turkey ranks as the fourth-largest crypto market worldwide. The surge in license applications underscores Turkey’s growing influence in the sector and its commitment to fostering a regulated and secure crypto market.
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