TechFlow reports, on August 9, according to Cointelegraph, Turkey's cryptocurrency market is seeing growth opportunities with the implementation of new regulations, drawing significant attention from both local and international companies. According to an announcement by Turkey’s Capital Markets Board (CMB), 47 crypto firms have applied for licenses, including well-known exchanges such as Bitfinex, Binance TR, and OKX TR. However, exchanges like Coinbase, Bybit, KuCoin, MEXC, and Gate have not yet submitted applications.
The "Law on Amendments to the Capital Markets Law," effective July 2, provides a regulatory framework for crypto asset service providers, sparking a wave of license applications. The CMB noted that three companies have announced liquidation, while applications with incomplete information are still under review. Notably, inclusion in the “operational list” does not equate to official authorization; companies must still obtain formal approval from the board after secondary legislation is implemented.
Although Turkey has not yet enacted comprehensive crypto legislation, the market is not entirely unregulated. Currently, Turkey enforces two major crypto-related regulations: one initiated in 2021 by the Central Bank of the Republic of Turkey, which bans the use of cryptocurrencies such as Bitcoin for payments; the other involves anti-money laundering measures supervised by the Financial Crimes Investigation Board (MASAK), requiring exchanges to collect customer identification information to prevent illegal activities.
