The list is still being updated and as some of these companies strive to meet the regulatory requirements set by the Turkish Capital Markets Board it was clear that the Turkish crypto market is due for more changes soon.
As the major players such as Coinbase and KuCoin strive for getting the business licenses in the country, the Turkish cryptocurrency landscape is changing vastly.
Turkish individuals and businesses have soon submitted these requests following recent changes in the set laws by the Turkish Capital Markets Board or CMB which can be considered as the turning point for the emerging crypto industry of the country.
A growing list of applicants
On 9th August, CMB disclosed that 47 firms of ‘cryptocurrencies’ had initially applied for license under the new regulations’ framework. List has now grown to 76 with some notable entrants in the list such as Coinbase, KuCoin and Gate. io.
Entities already included in the application process were recognized earlier to include Binance, Bitfinex and OKX. These major players show that Turkey is on the path of becoming one of the main centres for cryptocurrency operations.
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However, there has been some victory in this regard, though the CMB has recently pointed out that inclusion in the “List of Those in Operation” does not necessarily mean official approval and licensure. In addition, the companies’ structures are still required to seek formal approval from the board which depends on the passing of the secondary legislation.
The list will change incrementally as companies reform those deficits or over time as the CMB’s investigations are complete.
Regulatory landscape in Turkey
The regulation of virtual currencies remains a rather ambiguous question in Turkey. Even though there is no overall legal framework for Bitcoin and other crypto-currencies in the country, there are rules for the market.
Treasury and Finance Minister of Turkey Mehmet Simsek stated in January that national rules were close to being ready yet the expected draft has not been presented at parliament.
This regulatory limbo has not waned the desire of firms to secure licenses, this is to do with the sector optimism and the strategic positioning of the country to the global market of cryptocurrencies.
This wave is in the wake of the so-called “Law on Amendments to the Capital Markets Law,” recently passed and effective from July 2. It has provisions aimed at putting in place a legal framework governing the activities of those in the provision of crypto asset service in Turkey.
Now, as seen by Chainalysis, Turkey is the fourth largest cryptocurrency market in the world with a total trading volume of $170 billion. P this volume puts Turkey way ahead of such important markets as Russia, Canada, Vietnam, Thailand and Germany.
License applications are on the rise partly to show the world that Turkey is gradually gaining ground in the cryptocurrency space and that it is willing to ensure a safe and legal environment for the crypto industry.