Turkey has witnessed a significant increase in the number of licensed crypto platforms, attributed to new regulatory measures introduced in July 2024.
New Cryptocurrency Regulations
The introduction of the "Capital Markets Legislation Amendment Law" in July 2024 has led to a significant increase in the number of licensed crypto platforms in Turkey. The number of licensed platforms has risen from 47 to 76, driven by stricter regulations for cryptocurrency service providers.
Advantages for Global Exchanges
Additionally, companies like Coinbase and other global exchanges are seeking more regulated jurisdictions amid regulatory challenges in their home markets. Turkey's revised regulatory framework has positioned the country as an attractive option for expansion.
Strict Licensing Requirements
However, obtaining a license is not guaranteed. The Capital Markets Board (CMB) imposes rigorous standards on applicants, demanding comprehensive operational details and strict adherence to Turkish regulations. This approach aims to safeguard investors and create a secure trading environment. These measures align with the broader regional trend of increased cryptocurrency oversight in the Middle East and North Africa.
Regulatory changes in Turkey reflect the need for robust regulatory frameworks to ensure the development of the cryptocurrency industry and investor protection amid the global market growth.
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