As significant global companies like Coinbase and KuCoin compete for business licenses in Turkey, the cryptocurrency industry is going through substantial shifts. The Turkish Capital Markets Board (CMB) recently made changes to the rules that govern the crypto industry. This sudden increase in interest comes at a crucial time for Turkey’s growing crypto industry.
The CMB said that 47 cryptocurrency companies had first filed for licenses under the new rules. Since then, that number has grown to 76, with Coinbase, KuCoin, and Gate.io becoming new members. Established businesses like Binance, Bitfinex, and OKX were already applying, which shows that Turkey is becoming an important place for cryptocurrency operations.
CMB’s Pending Approval Process
The CMB has made it clear, though, that being on the “List of Those in Operation” does not mean that someone is officially allowed to do something. Each business must still get official approval from the board, which depends on how secondary law is put into place. There will be more changes to the list as companies fill in legal gaps and the CMB finishes its reviews.
The rules that govern coins in Turkey are still changing. Comprehensive laws have not been finished yet, but the market is already run by current rules. Mehmet Simsek, the Turkish Treasury and Finance Minister, said in January that the country’s crypto laws were almost finished, but the draft law has not yet been brought to parliament.
Even though regulations are not clear, companies are still eager to get licenses. This shows that they are optimistic about Turkey’s strategic importance in the global crypto market. The substantial amount of applications comes after the “Law on Amendments to the Capital Markets Law” went into effect on July 2. This law sets rules for crypto asset service providers in the country.
Chainalysis says that with an estimated $170 billion in trades, Turkey is the fourth-largest crypto market in the world, beating out major economies like Russia, Canada, and Germany. Turkey’s growing impact in the cryptocurrency sector and its dedication to creating a safe and regulated market are shown by the rise in license applications.
