Turkish Crypto Business License Has Now Increased to 76 Entities

Key Points:

• Turkey’s regulatory authorities have received license applications from 76 cryptocurrency companies.
• The influx of Turkish crypto business license applications follows the enactment of the “Law on Amendments to the Capital Markets Law” on July 2.
• The law aims to establish a comprehensive regulatory framework for crypto asset service providers in Turkey.

The country has been at the helm of cryptocurrency activity, with a marked surge of companies eying to operate within its borders.

Read more: Bitfinex Expands Services In Turkey With Direct Turkish Lira Deposits Via Vakıfbank Integration

Turkish Crypto Business License Keeps On Expanding

Only recently has the list of firms applying for Turkish crypto business licenses been updated by regulatory authorities, expanding it from 47 to 76 companies. The already-approved list included major exchanges like Binance, Bitfinex, and OKX. Heavyweight additions in the new update include Coinbase, KuCoin, and Gate.io.

The wave of applications for a Turkish crypto business license occurred shortly after the promulgation of the “Law on Amendments to the Capital Markets Law,” which came into force on July 2. This law puts forward the creation of a regulatory framework for crypto asset service providers within the country of Turkey.

The capital markets board, which oversees that process, clarified that this list of applications does not amount to formal approval. Companies will have to get approval once they complete the requirements laid down by the regulations.

According to the CMB, some companies declared their liquidation, while others—whose applications were incomplete—were still under review. The list of licensed crypto businesses in Turkey will be updated further as the review process goes forward.

Turkey Turns into Global Leader in Cryptocurrency Trade

Although there isn’t any comprehensive law related to cryptocurrencies in force in Turkey, regulations do exist, including an April 2021 order from the Central Bank of Turkey prohibiting the use of cryptocurrencies to conduct payments and regulations from the Financial Crimes Investigation Board concerning the combating of money laundering.

Turkey represents the world’s fourth-largest crypto market, estimated at $170 billion in trade volume, ahead of countries such as Russia, Canada, and Germany in terms of volume. A final draft of local cryptocurrency legislation is needed, although it is likely to shape this industry.