TechFlow reported on August 9 that with the implementation of new regulations, the Turkish cryptocurrency market has ushered in growth opportunities, attracting the attention of a large number of local and international companies. According to the announcement of the Turkish Capital Markets Board (CMB), 47 cryptocurrency companies have applied for licenses, including well-known exchanges Bitfinex, Binance TR and OKX TR. However, exchanges such as Coinbase, Bybit, KuCoin, MEXC and Gate have not yet submitted applications.
The Law on Amendments to the Capital Markets Law, which came into effect on July 2, provides a regulatory framework for crypto asset service providers and has sparked a wave of applications. The CMB noted that three companies have announced liquidation, while applications with incomplete information are still under review. It is worth noting that entering the "operation list" is not equivalent to obtaining official authorization, and companies still need to obtain formal approval from the Commission after the implementation of secondary legislation.
Although Turkey has not yet introduced comprehensive crypto legislation, the market is not completely disorderly. Turkey currently has two major crypto-related regulations: one launched by the Central Bank of the Republic of Turkey in 2021, prohibiting the use of cryptocurrencies such as Bitcoin for payment; the other involves anti-money laundering measures, which is overseen by the Financial Crime Investigation Committee (MASAK) and requires exchanges to collect customer identity information to prevent illegal activities.
