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Turkey Expands the List of Companies Applying for Crypto Licenses

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by Giorgi Kostiuk

a year ago

  1. New License Applications
  2. Crypto Regulation in Turkey
  3. Turkey as a Leader in Cryptocurrency Trade


    4. Turkey has become attractive for cryptocurrency companies aiming to operate within its borders after the introduction of a new law regulating this sector.

    New License Applications

    Turkey's regulators recently updated the list of companies applying for cryptocurrency licenses, expanding it from 47 to 76. The updated list now includes major exchanges like Coinbase, KuCoin, and Gate.io.

    Crypto Regulation in Turkey

    The wave of license applications followed the enactment of the 'Law on Amendments to the Capital Markets Law,' which came into force on July 2. This law aims to establish a regulatory framework for crypto asset service providers in Turkey. It is important to note that the list of applications does not amount to formal approval — companies will need to obtain approval once all requirements are met.

    The Capital Markets Board clarified that some companies declared their liquidation, while others' applications are still under review.

    Turkey as a Leader in Cryptocurrency Trade

    Turkey is the world's fourth-largest cryptocurrency market with a trade volume of $170 billion, surpassing countries like Russia, Canada, and Germany. Despite the lack of comprehensive cryptocurrency legislation, certain regulations exist, including an April 2021 order from the Central Bank of Turkey prohibiting the use of cryptocurrencies for payments.

    Turkey continues to actively develop the cryptocurrency market, attracting the attention of numerous international companies. The introduction of new legislation promises further regulation of this rapidly growing industry.

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