Coinspeaker Turkey Sees Record 47 Crypto Firms Apply for Licenses amid New Regulations
Turkey is witnessing a significant rise in cryptocurrency activity, with 47 companies recently seeking licenses to operate under the country’s new regulations. This positive development is a promising sign for the Turkish government and the global crypto industry, indicating Turkey’s dedication to creating a secure and well-regulated crypto market.
Crypto Firms Rush for Turkish Licenses
The influx of license applications follows the enactment of the “Law on Amendments to the Capital Markets Law” on July 2nd, 2024. This landmark legislation establishes a much-needed regulatory framework for cryptocurrency asset service providers in Turkey.
The Turkish Capital Markets Board (CMB), the governing body overseeing the applications, has clarified that the list of applicants includes well-established names like Bitfinex, Binance TR, and OKX TR. However, some major players like Coinbase, Bybit, KuCoin, MEXC, and Gate.io are yet to submit their applications.
While this initial wave of applications is encouraging, it’s important to note that inclusion on the “List of Those in Operation” doesn’t equate to automatic authorization. Companies must still undergo a thorough review process by the CMB and await the enactment of secondary legislation before receiving formal approval.
Despite the lack of comprehensive crypto legislation, Turkey has not been entirely passive in regulating the market. The Central Bank of the Republic of Turkey issued a regulation in 2021 prohibiting the use of cryptocurrencies like Bitcoin for payments.
Additionally, the Financial Crimes Investigation Board enforces Anti-Money Laundering (AML) measures, requiring exchanges to collect Know Your Customer (KYC) data to combat financial crimes. This measured approach highlights Turkey’s commitment to fostering innovation in the crypto space while simultaneously protecting its financial system.
Turkey’s Crypto Growth Takes Lead
Turkey’s proactive approach to crypto regulation reflects its prominent position in the global crypto economy. The nation has one of the highest crypto adoption rates, ranking fourth globally with an estimated $170 billion in trading volume, as reported by Chainalysis. This places Turkey ahead of established crypto markets such as Russia, Canada, Vietnam, Thailand, and Germany.
The surge in license applications underscores Turkey’s growing prominence in the cryptocurrency sector and its dedication to establishing a well-regulated and secure crypto market. With clear regulations in place, Turkey is poised to attract further investment and innovation, solidifying its position as a global leader in the crypto space.
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Turkey Sees Record 47 Crypto Firms Apply for Licenses amid New Regulations