Key takeaways:
- As prominent companies like Coinbase and KuCoin fight for business licenses in Turkey, the crypto scene there is undergoing a significant upheaval.
- As businesses correct regulatory shortcomings or the CMB wraps up its investigations, the list will be updated.
As prominent companies like Coinbase and KuCoin fight for business licenses in Turkey, the crypto scene there is undergoing a significant upheaval.
The Turkish Capital Markets Board (CMB) recently updated its regulations, which coincided with an increase in applications. This is a significant moment for the country’s developing crypto industry.
The CMB revealed on August 9 that 47 crypto firms had submitted initial applications for licensing under the new regulatory structures. However, with the addition of prominent companies like Coinbase, KuCoin, and Gate.io, this number has now grown to 76.
The application procedure already includes previously acknowledged businesses such as Bitfinex, Binance, and OKX. These significant participants’ involvement emphasizes Turkey’s developing reputation as a major hub for crypto activity.
Notwithstanding these developments, the CMB has made it clear that being listed on the โList of Those in Operationโ does not imply formal approval. The board still needs to formally approve each firm, and this permission is dependent on secondary legislation being passed.
As businesses correct regulatory shortcomings or the CMB wraps up its investigations, the list will be updated.
The crypto regulatory landscape in Turkey is continually developing. Although there isn’t yet a complete crypto law in place, market activity is governed by current regulations.
Mehmet Simsek, the minister of finance and treasury in Turkey, hinted in January that the country’s crypto laws were almost finished, but the expected document has not yet been presented to parliament.
Despite the legal uncertainties, businesses have continued to apply for licenses, demonstrating the sector’s optimism and the nation’s strategic significance in the global crypto industry.
The influx of applications coincides with the July 2 introduction of the “Law on Amendments to the Capital Markets Law.” This bill aims to give Turkish crypto asset service providers a regulatory framework.
With an estimated $170 billion in trading volume, Turkey is the fourth-largest crypto market globally, according to Chainalysis. Turkey outperforms important markets like Germany, Vietnam, Thailand, Canada, and Russia with this volume.
The increase in license applications indicates Turkey’s rising stature in the crypto space and its dedication to creating a safe and regulated market.