Turkey’s crypto landscape is evolving rapidly as 47 companies have applied for licenses under new regulations. The Turkish Capital Markets Board (CMB) revealed this development on Aug. 9, marking a significant shift in the country’s approach to digital assets.
Among the applicants are well-known exchanges like Bitfinex, Binance TR, and OKX TR. However, several major players, including Coinbase, Bybit, KuCoin, MEXC, and Gate.io, are notably absent from the list. This wave of applications follows the implementation of the “Law on Amendments to the Capital Markets Law” on July 2, aimed at regulating crypto asset service providers.
The CMB clarified that inclusion in the “List of Those in Operation” doesn’t equate to official authorization. Companies must still seek formal approval following the enactment of secondary legislation. Three firms have declared liquidation, while applications with incomplete information remain under review.
Turkey’s role in the global crypto economy
Turkey’s active approach to regulating cryptocurrency resonates with its key position in the global crypto market. It holds the 12th spot on the Global Crypto Adoption Index and ranks 4th in the world for total crypto transaction volume, with a staggering inflow of around $170 billion in the previous year.
Growing inflation, peaking at almost 60% in August 2023, coupled with the volatile nature of the Turkish Lira, has sparked a growing interest in cryptocurrencies. Data indicates a surge in purchases of USDT aligning with expectations of Lira devaluation and the release of interest rate updates.
Turkey is at the forefront of NFT platform traffic within the region, going beyond stablecoins. The local exchange Paribu has played a key role in supporting this trend. Notably, Turkish-American artist Refik Anadol has been instrumental in introducing AI-generated immersive artwork in the NFT domain.
Nevertheless, Turkey is actively adapting to the changing regulatory environment. With a tech-savvy young population and economic hurdles propelling the uptake of cryptocurrencies, Turkey is poised to emerge as a significant contender in the global crypto market.
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