Global Crypto Giants Race for Turkey: Who’s In and Who’s Holding Back?
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Turkey is seeing a wave of high interest from various crypto companies eager to provide their services to the Turkish people. The Capital Markets Board of Turkey has just put out a list of 47 crypto exchanges that want to set up shop in the country. Implementation of the “Law on Amendments to the Capital Markets Law,” that came into effect on 2nd july, is the main reason for this rise in interest. The aim is to give crypto businesses a clear set of guidelines to follow.
Big Players Eyeing Turkish License
Many big crypto players like Bitfinex, Binance TR, and OKX TR are among the 47 names who applied for the license. However, it is interesting to note that some other well known exchanges like Coinbase, Bybit, KuCoin, MEXC, and Gate.io haven’t applied yet. This shows that while some companies are ready to dive in, others are still thinking about it. They might be waiting for the results of these applications.
But there is a catch. Just because a crypto firm applies for a license doesn’t mean it’s a done deal. The Turkish Capital Markets Board (CMB) is taking a careful approach. They’ll be doing a thorough review of each application, and companies will need to wait for secondary legislation to kick in before they can get the green light. This means only those who fully meet the rules will be allowed to operate in Turkey.
Navigating Turkey’s Crypto Rules
Crypto regulations in Turkey is still a work in progress. As of now, there are two key rules to understand. Back in 2021, the Central Bank of the Republic of Turkey banned the use of cryptocurrencies as payments. The digital currencies are not recognized as legal currency. Also, the Financial Crimes Investigation Board requires crypto exchanges to follow strict Anti Money Laundering (AML) rules. This is to make sure that these companies perform KYC of their users to prevent shady activities.
Even though there’s no full fledged crypto law in place yet, these existing regulations are setting the stage. Turkish Minister of Treasury and Finance Mehmet Şimşek has mentioned that new legislation is almost ready. This new law should clear up any confusions and lay down a more solid regulatory foundation.
Growing Influence in Crypto
According to reports, every one in 5 persons in Turkey is aware about cryptocurrencies. The world is noticing Turkey’s approach towards crypto. The country is already playing a big role in the global crypto scene. As per the data of Chainalysis, Turkey is the 4th largest crypto market in the world. It has a trading volume of around $170 billion. That’s bigger than markets like Russia, Canada, Vietnam, Thailand, and Germany. The rush for licenses shows that Turkey is becoming a hotspot for crypto.
The Future of Crypto In Turkey
With more and more companies applying for licenses, it looks like the crypto industry in Turkey is on the rise. The country is working on clear rules and a smooth approval process, which should attract even more crypto businesses. Turkey is aiming to be a big player in the global crypto scene, balancing the need for new ideas with just the right amount of regulation to keep things safe and lively for both local and international companies.
