The cryptocurrency landscape in Turkey is undergoing a major transformation. Leading companies such as Coinbase and KuCoin are vying for business licenses in the country.
This increase in applications follows regulatory updates from the Turkish Capital Market Supervisory Board (CMB). This event is a crucial turning point for the country’s burgeoning cryptocurrency sector.
A growing list of applicants
On August 9, the CMB announced that 47 cryptocurrency companies had initially applied for licenses. This under new regulatory frameworks. This list has now grown to 76, with notable additions such as Coinbase, KuCoin and Gate.io.
Previously recognized entities such as Binance, Bitfinex and OKX were already part of the application process. The inclusion of these major players underlines Turkey’s growing status. This as a central hub for cryptocurrency activities.
Despite this progress, the CMB has made it clear that being included on the “List of Operators” does not mean official authorization.
Indeed, each company must still obtain formal approval from the board. This is subject to the enactment of secondary legislation. The list will be updated as companies remedy regulatory shortcomings or as the CMB concludes its investigations.
The regulatory environment in Turkey
Turkey’s regulatory environment for cryptocurrencies is still evolving. Although comprehensive cryptocurrency legislation is not yet in place, existing regulations govern market activities.
Turkey’s Minister of Treasury and Finance, Mehmet Simsek, had indicated in January that local cryptocurrency legislation was close to being finalized, but the expected bill has yet to be presented to Parliament.
This regulatory uncertainty has not deterred companies from applying for licenses. This reflects the sector’s optimism and the country’s strategic importance in the global cryptocurrency market.
This wave of applications follows the implementation of the “Capital Market Law Amendments Act”, which came into force on July 2. This law aims to provide a regulatory framework. This for crypto asset service providers in Turkey.
According to Chainalysis, Turkey ranks fourth among the world’s largest cryptocurrency markets, with an estimated exchange volume of $170 billion. This volume places Turkey ahead of major markets such as Russia, Canada, Vietnam, Thailand and Germany.
Furthermore, the increase in license applications signals Turkey’s growing place in the cryptocurrency sector. It also underlines its commitment to establishing a regulated and secure cryptocurrency market.
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