Turkey is witnessing a substantial rise in cryptocurrency companies applying for operating licenses under its new regulatory framework. The Turkish Capital Markets Board (CMB) has reported that 47 crypto firms have submitted applications, including prominent exchanges like Bitfinex, Binance TR, and OKX TR. However, other major players such as Coinbase, Bybit, KuCoin, MEXC, and Gate.io have not yet applied.
The applications have been submitted to the Turkish Capital Markets Board (CMB) by various cryptocurrency companies eager to establish a legal presence in Turkey. The CMB is responsible for processing these applications and overseeing the implementation of the new regulatory measures.
This surge in interest follows the introduction of the “Law on Amendments to the Capital Markets Law,” which came into effect on July 2. The new law aims to provide a clear regulatory framework for crypto asset service providers in Turkey, sparking a wave of applications from companies looking to comply with the rules.
While 47 companies have applied, the CMB emphasized that inclusion in the “List of Those in Operation” does not mean they are fully authorized. Companies must still receive formal approval from the board after addressing any issues with their applications. The CMB has also noted that three companies have declared liquidation, and others are still under review due to incomplete or inadequate submissions.
Turkey has been proactive in laying down the groundwork for cryptocurrency regulation, even without comprehensive legislation. The country currently operates under two key crypto-related regulations: a 2021 directive from the Central Bank of Turkey that bans the use of cryptocurrencies for payments, and Anti-Money Laundering (AML) regulations monitored by the Financial Crimes Investigation Board.
Despite the lack of a finalized cryptocurrency law, the Turkish government has shown a strong commitment to regulating the industry. Earlier this year, Treasury and Finance Minister Mehmet Simsek indicated that local crypto legislation was nearing completion, though it has yet to be introduced in parliament.
The large number of license applications highlights Turkey’s increasing prominence in the global cryptocurrency industry. With one of the highest rates of crypto adoption worldwide, Turkey is positioning itself as a significant player in the market. The new regulations are expected to boost the security and credibility of Turkey’s crypto ecosystem, attracting more firms and solidifying its role as a key hub for digital assets.
