Turkey has just announced that 47 cryptocurrency companies have registered for licenses under the new regulations published by the Capital Markets Board (CMB). Some of the applicants are Bitfinex, Binance TR, and OKX TR. However, several other major exchanges, such as Coinbase, Bybit, KuCoin, MEXC, and Gate.io, are not included in the first list of applicants.
The upsurge in license applications follows the enactment of Turkey’s “Law on Amendments to the Capital Markets Law” on July 2. This legislation aims to set up guidelines for digital asset service providers within the nation. As per the CMB, the recent surge in applications is a direct result of the enhanced regulatory clarity established by this law.
The Capital Markets Board (CMB) in Turkey notes a surge in companies applying to operate within its jurisdiction. However, it clarifies that being listed under “Those in Operation” does not equate to formal approval. Approval must still be granted by the board, and the list will evolve as applications undergo review and necessary adjustments are made.
Regulations in Turkey: Crypto Payments and AML Measures
While Turkey’s regulatory environment for digital currencies is evolving, the country already has certain regulations in place. For instance, the Central Bank of Turkey has prohibited the use of cryptocurrencies like Bitcoin for payments, as they are not recognized as legal tender.
Additionally, Anti-Money Laundering (AML) measures are enforced by the Financial Crimes Investigation Board, requiring exchanges to collect Know Your Customer (KYC) data to prevent illicit activities such as money laundering and terrorism financing.
Turkey’s active approach to cryptocurrency regulation is driven by its significant role in the global crypto economy. The country has one of the highest rates of cryptocurrency adoption in the world, ranking 12th on the Global Crypto Adoption Index and fourth in raw crypto transaction volume, with approximately $170 billion received over the past year.
The reason for the high level of adoption is the tough macroeconomic situation in Turkey this may include the increased inflation and the decline of the Turkish Lira. Thanks to this, numerous citizens in Turkey are resorting to cryptocurrencies as a means of value-hedging and the spreading of risks concerning their investment portfolios.
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