In early July, Turkey introduced new regulations for cryptocurrencies. This has led to a significant increase in interest from crypto companies looking to establish themselves in Turkey. According to the Turkish Capital Market Commission (CMB), 47 crypto companies have now submitted license applications.
New rules for exchanges in Turkey
The “Act on Amendments to the Capital Markets Act,” which went into effect on July 2, has led to an influx of license applications from various crypto companies. Among the applicants are well-known names such as Bitfinex, Binance, and OKX. However, it is notable that prominent exchanges such as Coinbase, Bybit, and KuCoin have yet to take steps to apply for a Turkish license, despite Turkey being a huge market with a large number of crypto users. The exact reason for their wait-and-see attitude is still unclear.
The CMB stressed that inclusion in the “List of Active Companies” does not automatically mean that these companies will receive approval. Companies must first be formally approved by the Board. The list will be updated as companies remedy any deficiencies or once the CMB concludes its investigation. The approval procedure is therefore a dynamic process that takes place in collaboration with the CMB.
Turkey Leads in Crypto Adoption
The law that was introduced in July is not the first crypto regulation in Turkey. Back in 2021, the Turkish central bank issued regulations banning the use of crypto assets such as Bitcoin for payments. In addition, the Financial Crimes Investigation Council has imposed strict anti-money laundering measures, requiring crypto exchanges to collect Know Your Customer (KYC) data.
However, the new legislation does provide more clarity for crypto exchanges operating in Turkey. This proactive stance from the Turkish government doesn’t come out of nowhere; Turkey has one of the highest crypto adoption rates in the world. According to Chainalysis, Turkey ranks fourth in terms of crypto trading volume, with an estimated volume of $170 billion. The popularity of crypto in Turkey is largely due to the continued depreciation of the Turkish lira and the country’s disappointing economic conditions.
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Source: https://newsbit.nl/tientallen-crypto-exchanges-vragen-licentie-aan-in-turkije/
