YEREVAN (CoinChapter.com) — Turkey is experiencing a sharp increase in crypto license applications due to new regulations. The Turkish Capital Markets Board (CMB) reported that 47 cryptocurrency companies have applied for licenses. Among them are Bitfinex, Binance TR, and OKX TR. However, Coinbase, Bybit, KuCoin, MEXC, and Gate.io have not yet applied.
The rise in applications follows the implementation of the “Law on Amendments to the Capital Markets Law,” which took effect on July 2. This law provides a regulatory framework for crypto asset service providers in Turkey.
CMB Warns: License Applications Still Under Review, Approval Not Guaranteed
While many companies have applied, the CMB clarified that being on the “List of Those in Operation” does not guarantee approval. Companies must still obtain formal authorization from the board after secondary legislation is enacted. Applications with incomplete or inadequate information are currently under review. Additionally, three companies have declared liquidation. The CMB will update the list as companies address these issues or as investigations progress.
Turkey’s Active Crypto Market Thrives Amid Strict AML Regulations
Turkey has two main regulations governing cryptocurrencies. The Central Bank of the Republic of Turkey issued a rule in 2021 that prohibits the use of cryptocurrencies like Bitcoin for payments. Cryptocurrencies are not considered legal tender in the country. The Financial Crimes Investigation Board oversees Anti-Money Laundering measures. These measures require exchanges to collect Know Your Customer (KYC) data to prevent illegal activities such as money laundering and terrorism financing.
Despite the lack of specific legislation, Turkey’s crypto market is one of the most active globally. According to Chainalysis, Turkey ranks as the fourth-largest crypto market, with an estimated trading volume of $170 billion. This places Turkey ahead of markets like Russia, Canada, and Germany.
Turkey’s Finance Minister Signals Upcoming Crypto Legislation to Address Industry Needs
Specific cryptocurrency legislation has not yet been established by the Turkish parliament. However, Turkish Treasury and Finance Minister Mehmet Simsek indicated in January that local crypto legislation is nearing completion, though it has yet to be introduced in parliament.
He said:
“We, as the pioneer player of the cryptocurrency industry in Turkey, shared our expectations and the sector’s necessities from the regulation with the authorized public institutions. We know it is crucial to be delisted from the grey list as soon as possible, so we expect a cryptocurrency regulation and a license for the virtual asset service providers with it.”
