Turkey is experiencing a rapid increase in applications from cryptocurrency companies interested in operating there. Turkey new crypto regulations, the Turkish Capital Markets Board announced 47 new cryptocurrency companies that applied for the license.
In an announcement from the CMB, well-reputed companies like OKX TR, Bitfinex, and Binance have applied for the license to grab the Turkish market.
The rapid growth in applications happened after the “Law on Amendments to the Capital Markets Law” started on July 2. This law is designed to create rules for crypto service providers in Turkey.
In the statement, CMB stated that only three companies have provided liquidation, other companies have not provided their complete information, and their applications are under review.
The CMB’s announcement made it clear that being on the “List of Those in Operation” doesn’t mean a company is officially approved. Companies still need to get formal approval from the board after additional rules are put in place. The list will be updated as companies fix issues or as the CMB finishes its reviews.
Turkey New Crypto Regulations
Although Turkey lacks in defining the proper regulations for crypto, but still the authorities are putting their efforts into regulating crypto assets. Turkish Treasury and Finance Minister Mehmet Simsek announced in January that local crypto regulating rules are near to complete, but the prepared legislation is still to be introduced in the market.
Even though the legislation is yet to be introduced in the parliament, Turkey has two main pieces of legislation to regulate cryptocurrency. The first regulation was introduced by the Central Bank of the Republic of Turkey in 2021 which prohibits cryptocurrency like Bitcoin as a mode of payment as it is not considered legal tender.
The second rule is to stop anti-money laundering, which is supervised by the Financial Crimes Investigation Board. This rule needs to collect information about the person to whom the asset is sent to reduce the chances of illegal activities.
Turkey’s active approach to cryptocurrency regulation isn’t surprising, considering its major influence in the global crypto market. The country ranks as one of the highest cryptocurrency adoption rates in the world.
According to data collected by ChainAnalysis, Turkey ranks as 4th largest crypto market globally with almost $170 billion in trading volume. This significant place leaves other big markets like Russia, Vietnam, Canada, and Germany behind.
The increased license application in the country indicates a growing crypto market in Turkey and its commitment in making a regulated and secure crypto market
