According to the Turkish Capital Markets Board (CMB), 47 crypto firms have applied for licenses under new regulations that were implemented earlier this year. With this, Turkey is experiencing a rise in interest from cryptocurrency companies seeking to establish a foothold within its borders.
The wave of applications includes prominent players such as Bitfinex, Binance TR, and OKX TR. However, notable platforms including Coinbase, Bybit, KuCoin, MEXC, and Gate.io, have yet to begin the licensing process.
The influx of applications follows the enforcement of the “Law on Amendments to the Capital Markets Law,” which came into effect on 2 July 2024. The legislation aims to establish a regulatory framework for crypto asset service providers operating in Turkey.
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Turkey’s CMB Scrutinizes Crypto Exchanges
Recently, the CMB disclosed that three companies declared liquidation, while several others are under scrutiny for submitting incomplete or insufficient application details.
The regulator said that being listed on the “List of Those in Operation” does not equate to official authorization. Companies must secure formal approval from the board after the implementation of secondary legislation.
📑 REPORT: TURKEY SEES SURGE IN CRYPTO LICENSE APPLICATIONS AS NEW RULES TAKE EFFECT
Turkey's crypto market is heating up as 47 firms, including Bitfinex, Binance TR, and OKX TR, seek licenses under new regulations.
The rush follows a recent law aimed at regulating crypto asset… pic.twitter.com/Ghs44xCDS5
— JAKE (@JakeGagain) August 9, 2024
Turkey is still awaiting the parliamentary approval of explicit cryptocurrency regulations.
However, the country already enforces two primary crypto-related laws. The first law, established by the Central Bank of the Republic of Turkey in 2021, prohibits the use of cryptocurrencies like Bitcoin for transactions citing their non-recognition as legal tender.
The second regulation, overseen by the Financial Crimes Investigation Board, focuses on Anti-Money Laundering protocols. This requires exchanges to collect Know Your Customer (KYC) data to prevent illegal activities such as money laundering and terrorism financing.
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Turkey Working On Crypto Legislation For Two Years
The Turkish government has been working on legislation to regulate the crypto sector for two years now.
The country increased its efforts following the bankruptcy of several trading platforms, which left numerous users unable to access their funds.
Under the proposed law, crypto companies would be required to obtain licenses from Turkey’s Capital Markets Board (SPK).
“The law regulates crypto asset service providers, the activities of crypto asset platforms, storage of crypto assets and crypto asset buying, selling and transfer transactions that people residing in Turkey can make,” the bill reads.
The legislation includes provisions mandating that crypto asset service providers secure their information systems according to specific technological criteria set by authorities.
It is worth noting that Turkey has a substantial influence within the global crypto landscape. The nation ranks as the fourth-largest crypto market worldwide, boasting an estimated trading volume of $170 billion, eclipsing renowned markets like Russia, Canada, Vietnam, Thailand, and Germany.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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