Turkey’s new crypto regulations have led to a surge in license applications from 47 companies, signaling the country’s move towards tighter control of its burgeoning crypto market. Major exchanges like Binance TR and Bitfinex are among the applicants, though some big names like Coinbase and Bybit have yet to apply.
Points
- 47 crypto companies have applied for licenses under Turkey’s new regulatory framework.
- Major exchanges like Binance TR and Bitfinex are leading the charge, while others like Coinbase have not yet applied.
- Turkey’s growing crypto market is now the fourth-largest globally, with a trading volume of $170 billion.
Turkey is rapidly emerging as a significant player in the global cryptocurrency market, driven by new regulations that have prompted 47 companies to apply for operational licenses. The country’s crypto landscape has been transformed by the “Law on Amendments to the Capital Markets Law,” which came into effect on July 2, 2024. This legislative move reflects Turkey’s commitment to creating a secure and regulated environment for crypto trading, a crucial step as the country’s crypto market continues to expand.
Among the companies that have applied for licenses are some of the most prominent names in the industry, including Binance TR and Bitfinex. These exchanges have recognized the importance of operating within the new regulatory framework, which is designed to enhance transparency and protect investors. However, some major players like Coinbase and Bybit have yet to submit their applications, raising questions about their future in Turkey’s evolving crypto market.
The surge in license applications highlights the growing prominence of Turkey’s crypto sector, which now ranks as the fourth-largest globally, boasting a trading volume of $170 billion. Despite the lack of comprehensive legislation, the market is not entirely unregulated. The Central Bank of the Republic of Turkey had already set the tone by prohibiting the use of cryptocurrencies as a means of payment in 2021, citing their non-legal tender status. Additionally, the Financial Crimes Investigation Board enforces anti-money laundering （AML） regulations, requiring exchanges to collect Know Your Customer （KYC） data to prevent illicit activities.
As the review process continues, three companies have already declared liquidation, while the remaining applications are under scrutiny due to incomplete or insufficient documentation. The Capital Markets Board （CMB） has made it clear that being classified as operational does not equate to official authorization. Companies must still undergo a thorough review and obtain formal approval from the board once secondary legislation is enacted.
解説
- Turkey’s move towards tighter crypto regulation is part of a broader global trend where countries are increasingly recognizing the need for a well-regulated digital asset market. This is crucial for protecting investors and ensuring the market’s integrity.
- The delay by major exchanges like Coinbase and Bybit in applying for licenses could be strategic, possibly waiting for more clarity on the regulatory landscape or working to ensure full compliance before submitting their applications.
- Turkey’s status as the fourth-largest crypto market by trading volume is a testament to the rapid adoption of digital assets in the country. This makes it a key market for global exchanges looking to expand their reach.