47 Crypto Firms Apply for New Turkish Regulation Licenses
Turkey has seen a significant increase in interest from crypto businesses seeking to operate inside its borders, with 47 firms applying for licenses under new regulations.
The Turkish Capital Markets Board (CMB) said that 47 cryptocurrency businesses applied for licenses under the new legislation.
Popular exchanges including Bitfinex, Binance TR, and OKX TR are applicants.
Major platforms including Coinbase, Bybit, KuCoin, MEXC, and Gate.io have not applied for licensure.
Trukey's Crypto Law Takes Effect
The “Law on Amendments to the Capital Markets Law,” which took effect on July 2, has boosted applications.
Crypto asset service providers in Turkey will be regulated by the law.
The CMB has announced that three firms had liquidated and that those with incomplete application data are under review.
The regulator stressed that being on the “List of Those in Operation” does not authorize.
Companies must get board permission after implementing secondary law.
As firms fix issues or the CMB finishes its assessments, the list will change.
Turkey already implements two crypto-related laws, but precise cryptocurrency restrictions need legislative approval.
The first 2021 Central Bank of Turkey order restricts the use of cryptocurrencies like Bitcoin for transactions owing to their non-recognition as legal money.
The second regulation covers Financial Crimes Investigation Board anti-money laundering procedures.
Exchanges must collect Know Your Customer data to fight money laundering and terrorist funding.
Turkey's Crypto Market is 4th Largest
The global crypto environment is heavily influenced by Turkey.
The country is the fourth-largest crypto market in the world, surpassing Russia, Canada, Vietnam, Thailand, and Germany with an estimated trade volume of $170 billion.
BtcTurk, Turkey's biggest cryptocurrency exchange, was hacked this year, stealing $54 million.
BtcTurk said that the June 22, 2024 cyber incident caused unlawful withdrawals.
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