Turkey has seen a significant increase in the interest of cryptocurrency companies wanting to operate there. Turkey’s Capital Markets Board (CMB) announced that 47 cryptocurrency companies have applied for licenses under new regulations. This wave of applications follows the “Capital Markets Reform Law” implementation on July 2nd. Notable exchanges such as Bitfinex, Binance, and OKX are among the applicants. Large companies like Coinbase and KuCoin have also recently joined the licensing process. The CMB emphasized that being on the “list of active participants” does not equate to official licensing, and companies must obtain official licenses after passing secondary laws. Despite the absence of a comprehensive cryptocurrency law, Turkey has regulations to monitor the market. According to Chainalysis data, Turkey is the fourth largest cryptocurrency market globally, with an estimated trading volume of $170 billion. This application surge signals Turkey’s commitment to creating a secure and regulated cryptocurrency market.
Source: cryptoslate.com
