Turkey crypto license surge is drawing major exchanges like Coinbase and KuCoin into the race for approval. As the Turkish Capital Markets Board updates regulations, the country’s growing significance in the global crypto market is becoming evident.
This is happening because the Turkish Capital Markets Board (CMB) has updated its rules, making this a crucial time for Turkey’s growing crypto industry.
Turkey sees surge in crypto license applications
On August 9, the Turkish Capital Markets Board (CMB) revealed that 47 cryptocurrency companies had applied for licences under the new regulations. Since then, the number of applicants has grown to 76, including large companies such as Coinbase, KuCoin, and Gate. undefined
Before this, Binance, Bitfinex, and OKX were already applying demonstrating the increasing significance of Turkey as a crypto-friendly nation.
However, the Ministry of Culture and Broadcasting or the CMB stated that being on the “List of Those in Operation” does not entail being completely legal. Each has to be formally approved, which is contingent on additional regulation.
The list will be updated as companies meet regulatory requirements and the CMB completes its reviews.
Turkey’s rules for cryptocurrencies are still changing. While there isn’t a complete set of crypto laws yet, some rules are already in place to guide the market.
In January, Turkey’s Treasury and Finance Minister Mehmet Simsek mentioned that new crypto laws were close to being finished, but they haven’t been shared with parliament yet.
Despite this uncertainty, companies are still applying for licenses, showing their optimism and Turkey’s growing role in the global crypto world.
The increase in license applications follows a new law, called the “Law on Amendments to the Capital Markets Law,” which started on July 2. This law is meant to set up a framework for crypto services in Turkey.
According to Chainalysis, Turkey is currently the fourth-largest crypto market globally with about $170 billion in trading. This places Turkey in a better position compared to large markets such as Russia, Canada, and Germany.
The increase of applications demonstrates that Turkey is gradually gaining significance in the context of the crypto market and is actively striving to construct the environment for investing in cryptocurrencies that is protected from fraud and violations..
