Turkey Experiences an Increase in Crypto Licenses as Recent Regulations Ignite Interest in the Industry | Live Bitcoin News
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Turkey’s new crypto legislation has led to a surge of 47 license applications. 76 crypto exchanges, such as Coinbase and KuCoin, have applied for licenses in Turkey.
Turkey has seen a massive increase in interest from crypto companies looking to enter the industry. The Turkish Capital Markets Board (CMB) has disclosed that 76 cryptocurrency firms have applied for licenses under the newly enacted legislation. Notable applicants include Bitfinex, Binance TR, and OKX TR.
Crypto Exchanges Rush to Obtain Licenses in Turkey.
This increase coincides with the enforcement of the “Law on Amendments to the Capital Markets Law,” which came into effect on July 2. The law creates a legal framework to regulate crypto asset service providers in Turkey. Despite the influx of applications, the CMB has reported that three companies have gone bankrupt, and some applications are still under evaluation due to missing information.
The Capital Markets Board (CMB) of Turkey has seen a significant rise in license requests following regulation. Although the current list of 76 applicants includes recognizable names like Coinbase and KuCoin, the application process remains challenging. Being listed on the “List of Those in Operation” does not guarantee immediate approval, as emphasized by the CMB.
It should be noted that being listed does not equate to formal authorization. Companies must obtain formal approval from the CMB after addressing any issues or finalizing the relevant secondary regulations.
Despite Turkey’s evolving crypto legislation, the sector is not entirely unregulated. The Central Bank of Turkey’s 2021 regulation prohibits the use of cryptocurrencies for payments, and the Financial Crimes Investigation Board oversees anti-money laundering efforts.
Turkey has shown a proactive stance with its significant role in the global crypto economy, being the fourth-largest market with an estimated $170 billion in trading activity.
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