1. Growing Interest in Cryptocurrency in Turkey
2. Regulating Cryptocurrency Companies in Turkey
3. International Trends in Crypto Regulation

Turkey is seeing a growing interest in cryptocurrencies. A new list of cryptocurrency companies aiming for registration in the country has expanded from 47 to 76, including platforms like Coinbase, KuCoin, and Gate.io.

Growing Interest in Cryptocurrency in Turkey

Last week, it was announced that the number of cryptocurrency companies seeking registration in Turkey had significantly increased. The initial list included platforms like Binance, Bitfinex, and OKX. Now, Coinbase, KuCoin, and Gate.io have been added. According to a Chainalysis report from September 2023, Turkey led the Middle East and North Africa regions in terms of cryptocurrency transaction volume, with the UAE and Saudi Arabia following. Other notable names on the updated list include BingX, Nexo, and Crypto.com, as well as local exchanges such as BtcTurk and Midas.

Regulating Cryptocurrency Companies in Turkey

According to the Turkish Capital Markets Board, the new list provides the public with information about companies that are declaring their interest in getting licensed and plan to adhere to Capital Markets Law No. 6362. Under the new regulations, all cryptocurrency platforms looking to offer their services and products in Turkey must implement key measures, such as reporting cryptocurrency seizures and legal cooperation.

International Trends in Crypto Regulation

Regulating cryptocurrency services in different countries and jurisdictions has led many exchanges to register, get licensed, or exit the market. For instance, in the European Union under the Markets in Crypto-Assets (MiCA) law, some exchanges have had to delist certain products to comply with requirements. In several cases, cryptocurrency platforms have chosen the path of getting licensed to provide services, as recently done by Coinbase and Circle in France.

The growing interest in cryptocurrencies globally and the implementation of new regulatory norms in Turkey will attract even more companies eager to offer their services in this market. As Turkey continues to develop its own rules and requirements, cryptocurrency platforms are looking forward to the opportunity to enter a new market.