Nikolas Sargeant
Turkey's cryptocurrency market is experiencing a surge of interest as major players like Coinbase and KuCoin seek business licenses in the country. This influx of applications follows recent regulatory changes by the Turkish Capital Markets Board (CMB), requiring crypto companies to obtain licenses for operation.
The CMB initially reported 47 cryptocurrency firms applying for licenses under the new framework. This number has now jumped to 76, with industry giants Coinbase, KuCoin, and Gate.io joining the list.
Binance, Bitfinex, OKX Already Applied for Licenses
Established entities such as Binance, Bitfinex, and OKX had previously initiated their license applications. The CMB emphasizes that inclusion in the "List of Those in Operation" doesn't equate to official authorization, as companies must still secure formal approval pending secondary legislation.
Turkey's crypto regulatory landscape remains in flux. While comprehensive legislation is yet to be finalized, existing regulations govern market activities. Finance Minister Mehmet Simsek hinted at the impending completion of local crypto legislation in January, though the draft law hasn't reached parliament.
The recent surge in applications follows the July 2 enactment of the "Law on Amendments to the Capital Markets Law," aimed at regulating crypto asset service providers in Turkey.
Turkey Ranks as 4th Largest Crypto Market
Turkey holds significant sway in the global crypto sphere, ranking as the fourth-largest market worldwide with an estimated trading volume of $170 billion. This positions it ahead of markets like Russia, Canada, Vietnam, Thailand, and Germany.
In a recent development, Turkey's largest cryptocurrency exchange, BtcTurk, suffered a hack on June 22, 2024, resulting in unauthorized withdrawals totaling $54 million. The breach affected some hot wallet balances across 10 cryptocurrencies, while the majority of assets in cold storage remained secure.
