Interest in the cryptocurrency sector in Turkey has increased significantly recently. The Capital Markets Board (CMB) announced that 47 cryptocurrency companies have applied for a license within the framework of new regulations.

It is noteworthy that among the applications, there are major exchange platforms such as world-renowned Bitfinex, Binance TR and OKX TR. However, it is stated that some important exchanges such as Coinbase, Bybit, KuCoin, MEXC and Gate have not yet applied for a license.

New regulations were introduced with the “Law on Amendments to the Capital Markets Law”, which came into force on July 2. This law aims to create a regulatory framework for crypto asset service providers in Turkey.

However, according to the CMB’s statement, some companies have declared liquidation within the framework of these regulations and the examination of some applications continues. In particular, the fact that applications that provide incomplete or insufficient information are still in the evaluation phase shows that regulatory institutions carry out this process meticulously.

CMB emphasized that inclusion in the “List of Operators” does not mean official authorization. He stated that companies must obtain official approval from the Board after the secondary legislation comes into force.

This reveals that the licensing process is just one phase and additional steps are required for final approval. The list will be updated when companies correct deficiencies or complete the CMB’s investigations.

The lack of a comprehensive crypto legislation in Turkey may create uncertainties regarding the regulation of the cryptocurrency market. However, existing regulations are in place to maintain a certain order in the cryptocurrency market.

Mehmet Şimşek, Minister of Treasury and Finance of the Republic of Turkey, stated in January that local crypto legislation was about to be completed. However, this draft legislation has not yet been submitted to the parliament. Although the Parliament has not yet introduced a definitive regulation for cryptocurrencies, Turkey has two main crypto-related regulations.

The first regulation is a law introduced by the Central Bank of the Republic of Turkey in 2021, which prohibits cryptocurrencies such as Bitcoin from being used in payments because they are not accepted as legal tender.

The second regulation is related to Money Laundering (AML) measures and is supervised by the Financial Crimes Investigation Board (MASAK). This regulation requires exchange platforms to collect Know Your Customer (KYC) data about their customers, thereby preventing illegal activities such as money laundering and terrorist financing.

Turkey’s proactive approach to cryptocurrency regulations reinforces the country’s important role in the global crypto economy. Türkiye stands out as one of the countries with the highest cryptocurrency adoption rate in the world.

According to Chainalysis data, Turkey is ranked as the fourth largest cryptocurrency market in the world with a transaction volume of approximately $170 billion. This has put Turkey ahead of major crypto markets such as Russia, Canada, Vietnam, Thailand and Germany.

This increase in license applications highlights Turkey’s increasing importance in the cryptocurrency industry and its determination to create a regulated, secure crypto market. The growth potential of Turkey’s crypto economy seems to continue to attract the attention of local and international investors.