- 76 cryptocurrency firms have applied for business licenses in Turkey, indicating the country’s growing importance in the global crypto market.
- The Capital Markets Board (CMB) leads the licensing process, with applications still under review for regulatory compliance.
- Turkey’s crypto market, with an estimated $170 billion in trade volume, ranks with Russia, Canada, and Germany.
Turkey’s cryptocurrency market continues to broaden, as 76 companies have now applied for business licenses. This increase follows the introduction of the Law on Amendments to the Capital Markets Law, implemented on July 2.
Growing Interest in Turkey’s Crypto Market
With Turkey already being a great player in the global cryptocurrency space, this wave of applications is proof of the growing interest in operating within its country. Recently, the list of firms applying for licenses read 47, including major exchanges like Binance, Bitfinex, and OKX.
Rananjay Singh noted in his X Space that the recent update has added dominating firms like Coinbase and KuCoin to the list of firms seeking operations in the country.
The Capital Markets Board (CMB) oversees the licensing process and has clarified that these applications are still under review. Formal approval will be granted only after companies meet the required regulations. Some firms have already declared liquidation, while others are still completing their applications.
Regulatory Process and Challenges
Despite the lack of a comprehensive law governing cryptocurrencies in Turkey, the country has implemented several policies. These include an April 2021 order from the Central Bank of Turkey prohibiting using cryptocurrencies for payments. Additionally, the Financial Crimes Investigation Board has regulations to combat money laundering in crypto.
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The law contrasts with the UAE’s, which has allowed crypto to pay salaries, a rule that was implemented by the court of Dubai. The future of cryptocurrency regulation in Turkey is still being shaped, with a final draft of local legislation expected. This will likely impact the industry as more companies look to secure their place in this thriving market.
Turkey has emerged among the top world’s crypto market countries, with an estimated $170 billion in trade volume. This puts the country ahead of major markets like Russia, Canada, and Germany. As the review continues, more entries are expected to be recorded for the list of licensed crypto businesses in Turkey.
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