- Crypto companies have continued flocking to Turkey, seeking a license.
- The number of license applicants has nearly doubled within a week.
- Among the applicants are major players in the crypto industry.
Turkey has witnessed a new wave of crypto companies seeking to be licensed under the country’s newly enacted Law on Amendments to the Capital Markets Law, which includes coverage of digital assets.
The framework became effective on July 2 after the presidential assent and its subsequent publication in the Official Gazette. It imposes stricter regulations on exchanges, mandating local and domestic companies to seek the Capital Markets Board’s (CMB) authorization to operate in Turkey.
CMB Updates List of Crypto License Applicants
According to the CMB’s updated list, the number of crypto license applicants has jumped from 47 to 76 within a week. This surge indicates a growing interest in Turkey’s crypto market, which Chainalysis recently ranked as the fourth largest globally.
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Among the new applicants are key players in the crypto industry like Coinbase and KuCoin, alongside local exchanges seeking to continue their services in the country. OKX, Binance, and Crypto.com had applied previously and were included on the list as of August 9.
Despite the increasing number of applicants, the CMB reiterated that the process of obtaining a license remains vigorous. The regulator clarified that those on the list have only “declared” that they would operate per the new regime, but are yet to be authorized.
“In this context, the existence of the “List of Those Operating” does not mean that the organizations included in this list are authorized in accordance with the relevant legislation.” The regulator wrote.
Meanwhile, other crypto companies declared liquidation, indicating they would cease operations in Turkey following the new regime. This included Bitget, Bitronite, and WooTR, among others.
Stay updated on Ghana’s newly proposed crypto regulation guidelines:
Ghana Proposes Crypto Exchange Regulation Rules to Protect Consumers
Read about Binance’s move to re-enter India’s crypto market:
Binance Re-Enters Major Crypto Market After 7-Month Ban
