In a significant modification to its rules, Turkey has added prominent brands like Coinbase, KuCoin, and Gate.io to its list of accepted cryptocurrency companies.
The updated list has grown from 47 to 76 organizations, including some prominent ones. The original list only had Binance, Bitfinex, and OKX, which is the world’s most significant cryptocurrency exchange by trading volume.
Turkey Updates Crypto Regulations
This comes after Turkey took steps to make regulations clearer for cryptocurrency platforms and service providers that work with them. The crypto industry praised these changes. More foreign digital asset platforms will likely want to get into the growing Turkish market now that there is more information available.
A report from September 2023 by Chainalysis shows that Turkey has the highest amount of cryptocurrency worth that has been traded in the Middle East and North Africa. The United Arab Emirates and Saudi Arabia are in second and third place, respectively.
Along with the new exchanges, the updated list now has prominent brands like BingX, Nexo, and Crypto.com, as well as lesser-known ones like BtcTurk and Midas.
The updated list, according to the Capital Markets Board, tells the public about groups that have said they want to get licenses and follow Turkey’s Capital Markets Law No. 6362. Crypto providers must follow certain rules under the new regulatory system. For example, they must report crypto seizures and work with the law.
In many places, crypto platforms have to either get permission, change what they offer, or leave the market in order to follow local rules, like the European Union’s MiCA law. This change in how regulators do their jobs is part of an overall pattern.
