The number of crypto license applications in Turkey has increased significantly amid a series of new regulations.
Data from the Turkish Capital Markets Board (CMB) shows that 47 crypto companies have applied for license registration under the new guidelines.
This increase comes as some leading crypto companies like Bitfinex, Binance TR, and OKX TR seek to expand their operations in the country.
Turkey Sees Uptick in Crypto License Applications
47 companies offering crypto-related activities have applied for crypto licenses in Turkey. These firms have applied for these licenses under the Turkish Capital Markets Board (CMB).
The high number of firms seeking regulatory approval in Turney comes after the country implemented the “Law on Amendments to the Capital Markets Law.”
This law came into effect on July 2, and it seeks to promote crypto activities in Turkey.
The new guidelines set a clear regulatory framework for crypto asset service providers in Turkey.
Furthermore, the framework seeks to make Turkey among the few jurisdictions that have fully regulated the cryptocurrency industry.
Turkey ranks as the fourth-largest crypto market globally. The entry of these new crypto firms will drive crypto activities in the country further by giving people a convenient way of buying, selling, and holding digital assets.
In its announcement, the Turkish regulator clarified that the inclusion of these 47 firms in the list does not mean that they have official authorization to operate in the country.
These crypto firms are still required to seek formal approval before offering services to crypto traders in Turkey.
Crypto Regulations in Turkey
The global crypto regulatory framework has evolved significantly over the years, with more jurisdictions paving the way for digital asset activities. However, none of these jurisdictions have properly defined rules for the industry.
Despite the previous lack of a clear regulatory framework, the Turkish government has been actively involved in funding ways to regulate the industry.
In January, the Turkish Treasury announced that a local crypto legislation was near completion. However, the country has yet to launch this legislation into law formally.
The Turkish crypto regulatory framework is governed by two main regulations. The first one was created by the Central Bank of Turkey, and it prohibits the use of cryptos such as Bitcoin.
The second regulatory framework seeks to curtail money laundering activities.
Exchanges operating in Turkey are required to comply with Know-Your-Customer (KYC) guidelines to bar illegal activities.
The need for clear crypto regulations also comes as Turkey boasts a high crypto adoption level.
The increase in license applications shows that the country is gaining popularity in the sector. The country is also very committed to an established secure and regulated market.
