Turkey Crypto Boom: Surge in License Applications Amid New Regulatory Framework

Turkey sees a wave of interest from cryptocurrency companies as 47 firms apply for licenses under new regulations, signaling the country growing influence in the global crypto market.

Turkey is rapidly emerging as a significant player in the global cryptocurrency market, evidenced by a surge in license applications from both local and international crypto companies. The Turkish Capital Markets Board (CMB) recently announced that 47 cryptocurrency firms have applied for licenses in response to the new regulatory framework established by the “Law on Amendments to the Capital Markets Law,” which took effect on July 2.

Among the applicants are prominent exchanges such as Bitfinex, Binance TR, and OKX TR. However, notable exchanges like Coinbase, Bybit, KuCoin, MEXC, and Gate.io have yet to submit their applications. This rush to comply with the new regulations underscores the growing interest in Turkey’s crypto market, which is already one of the largest in the world.

The new law aims to create a robust regulatory environment for crypto asset service providers in Turkey. Although the CMB has clarified that inclusion in the “List of Those in Operation” does not equate to formal authorization, companies are required to seek official approval after secondary legislation is enacted. This process is ongoing, with some applications still under review due to incomplete or inadequate information.

Despite the absence of comprehensive crypto legislation in Turkey’s parliament, the market is far from unregulated. Existing regulations include a 2021 directive from the Central Bank of the Republic of Turkey, which prohibits the use of cryptocurrencies like Bitcoin for payments, and anti-money laundering measures supervised by the Financial Crimes Investigation Board, which mandate the collection of Know Your Customer (KYC) data.

Turkey’s proactive approach to cryptocurrency regulation is in line with its status as one of the world’s largest crypto markets. Data from Chainalysis ranks Turkey as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion, placing it ahead of countries like Russia, Canada, Vietnam, Thailand, and Germany.

This surge in license applications highlights Turkey growing prominence in the cryptocurrency sector and its commitment to establishing a secure and regulated market. As the regulatory landscape continues to evolve, Turkey is poised to solidify its position as a key player in the global crypto economy.

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