Turkey is seeing a surge of great interest from various crypto companies eager to offer their services to the Turkish population. The Capital Markets Board of Turkey has just published a list of 47 crypto exchanges that are looking to establish themselves in the country. The implementation of the “Law on Amendments to the Capital Markets Act,” which came into effect on July 2, is the main reason for this surge in interest. The aim is to provide crypto companies with a clear set of guidelines to follow.
Major players eye Turkish license
Many major crypto players such as Bitfinex, Binance TR, and OKX TR are among the 47 names that have applied for a license. However, it is interesting to note that some other well-known exchanges such as Coinbase, Bybit, KuCoin, MEXC, and Gate.io have not yet applied. This shows that while some companies are ready to dive in, others are still thinking about it. They may be waiting for the results of these applications.
But there’s a catch. Just because a crypto company applies for a license doesn’t mean it’s a done deal. The Turkish Capital Markets Board (CMB) is taking a cautious approach. They will thoroughly review each application, and companies will have to wait for secondary legislation to come into effect before they get the green light. This means that only those who fully comply with the rules will be allowed to operate in Turkey.
Navigating the Turkish Crypto Regulations
Crypto regulations in Turkey are still evolving. At the moment, there are two important regulations to understand. In 2021, the Central Bank of the Republic of Turkey banned the use of cryptocurrencies as a means of payment. The digital currencies are not recognized as legal currencies. Also, the Financial Crimes Investigation Board requires crypto exchanges to adhere to strict anti-money laundering (AML) regulations. This is to ensure that these companies perform KYC on their users to prevent shady activities.
While there is no full-fledged crypto law yet, these existing regulations form the basis. Turkish Finance and Finance Minister Mehmet Şimşek has indicated that the new legislation is almost ready. This new law should clear up any confusion and lay a stronger regulatory foundation.
Growing influence in crypto
According to reports, every 5 people in Turkey are aware of cryptocurrencies. The world is taking notice of Turkey’s approach to crypto. The country is already playing a major role in the global crypto scene. According to data from Chainalysis, Turkey is the 4th largest crypto market in the world. It has a trading volume of around $170 billion. That is bigger than markets like Russia, Canada, Vietnam, Thailand, and Germany. The rush for licenses shows that Turkey is becoming a hotspot for crypto.
The Future of Crypto in Turkey
With more and more companies applying for licenses, it seems that Turkey’s crypto industry is on the rise. The country is working on clear regulations and a smooth approval process, which should attract even more crypto companies. Turkey is aiming to become a major player in the global crypto scene, balancing the need for new ideas with just the right amount of regulation to keep things safe and vibrant for both local and international businesses.
