The surge in license applications underscores Turkey's growing importance in the cryptocurrency sector and its desire to create a well-regulated and secure cryptocurrency market.
Turkey, amid new regulations, record 47 #cryptocurrency companies apply for licenses %.
Turkey, amid new regulations, record 47 cryptocurrency companies apply for licenses ㊤ Coinspeaker
Since the adoption of the Law Amending Part of the Capital Markets Law on July 2, 2024, license applications have been pouring in in record numbers. This landmark law establishes a much-needed regulatory framework for cryptocurrency asset service providers in Turkey.
the governing body overseeing the application process, the Capital Market Board of Turkey (CMB), reported that the list of applicants included major companies such as Bitfinex, #Binance TR and OKX TR. However, major companies such as Coinbase, Bybit, KuCoin, MEXC and Gate. io have yet to submit their applications. While the first wave of applications is encouraging, it should be noted that being on the "admitted list" does not automatically mean approval. Companies will have to go through a rigorous CMB review process and wait for secondary legislation to take effect before they are officially authorized. Despite the lack of comprehensive cryptocurrency legislation, Turkey is not reluctant to regulate the market: in 2021, the Central Bank of the Republic of Turkey issued a regulation prohibiting the use of cryptocurrencies such as #bitcoin for payments.
the Financial Crimes Investigation Commission has also introduced anti-money laundering (AML) measures, requiring exchanges to collect customer data (KYC) in order to combat financial crime. This cautious approach underscores Turkey's desire to encourage innovation in the cryptocurrency sector while protecting its financial system.
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