Türkiye announced that 47 cryptocurrency companies have applied for licenses, suggesting interest in the country’s market.
With growing interest among local and international crypto-related businesses, Turkey’s digital asset economy could grow significantly.
Cryptocurrency sector in Türkiye is set to grow
The Capital Markets Board of Türkiye (CMB) said 47 cryptocurrency companies are in line to obtain operating licenses under new regulations. exchanges renowned in the list include Bitfinex, Binance TR, OKX TR y Gate TR:
“The news source you cited has been removed due to market manipulation and misinformation following our complaint. As Gate TR, we have submitted our application for a license,” confirmed the manager of marketing by Gate TR.
Gate TR is the Turkish counterpart of Gate.io. The same applies to the exchanges Binance TR and OKX TR. If others like Bybit, KuCoin and MEXC will also apply, it is still unknown. This interest among the exchanges of cryptocurrencies comes from the “Capital Markets Law Amendments Act.”
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This new regulation, implemented on July 2, provides a regulatory framework for crypto asset service providers in Turkey:
“The institutions that applied to our Board and the institutions that declared that they will liquidate their activities are published in the ‘List of those who are active’ and the ‘List of those who make a liquidation declaration’, respectively,” it said. lee in a statement from the WBC.
It is remarkable that a company listed on the “List of those in Operation” does not amount to formal authorisation. This means that companies will have to seek formal approval from the board following the implementation of secondary legislation.
As companies address shortcomings and the Turkish regulator completes its investigations, the list will see some updates. The country has two main crypto-related regulations in place. The Central Bank of the Republic of Turkey established one in 2021.
Cryptocurrency regulation in Türkiye
This regulation generally banned crypto and Bitcoin, as Turkey does not consider cryptocurrencies as legal currency. The second one, promoted by the Financial Crimes Investigation Board, is A campaign against money laundering measures.
The CMB statement therefore reflects the country’s efforts to regulate the sector in a market that previously displayed a lack of comprehensive regulations. Notably, despite the country’s less-than-ideal prior regulatory environment, it boasts one of the highest crypto adoption rates globally.
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In a report at the end of 2023 reportChainalysis ranked Turkey as the fourth-largest crypto market globally, effectively surpassing Russia, Canada, Vietnam, Thailand and Germany. This explains the growing interest among foreign cryptocurrency companies to enter the Turkish market:
“The relatively high level of crypto adoption in Turkey is not entirely surprising for several reasons. These include the country’s recent macroeconomic climate and its young population’s interest in innovation and technology,” Chainalysis reported, citing Yasin Oral, CEO and founder of the exchange Turkish cryptocurrency exchange Paribu.
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