Global Crypto Giants Race for Turkey: Who’s In and Who’s Waiting Back?
The post Race for Turkey's Global Crypto Giants: Who's In and Who's Waiting Back? It first appeared on Coinpedia Fintech News
Turkey is seeing a lot of interest from various crypto companies eager to provide their services to the Turkish people. Turkey's Capital Markets Board has released a list of 47 crypto exchanges that want to set up shop in the country. The implementation of the “Capital Market Law Amendment Act” which came into effect on July 2 is the main reason for this increase in interest rates. The aim is to provide clear guidelines for crypto businesses to follow.
The big players are looking at Turkey's approval
Many big crypto players such as Bitfinex, Binance TR and OKX TR are among the 47 names that applied for the license. However, it is worth noting that other well-known exchanges such as Coinbase, Bybit, KuCoin, MEXC and Gate.io have not implemented it yet. This shows that while some companies are ready to dive in, others are still thinking about it. You may 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 done. The Turkish Capital Market Board (CMB) is taking a cautious approach. They conduct a thorough review of each application, and companies must wait for secondary legislation to begin before they get the green light. This means that only those who fully comply with the rules will be allowed to work in Turkey.
Exploring Turkish crypto regulations
Crypto regulations in Turkey are still in progress. So far, there are two key rules to understand. In the year In 2021, the Central Bank of the Republic of Turkey banned the use of cryptocurrencies as payment. The digital currencies are not recognized as legal currencies. Also, the Financial Crimes Investigation Board requires crypto exchanges to follow strict anti-money laundering (AML) laws. This is to ensure that these companies perform KYC of their users to prevent malicious activities.
Although fully developed crypto legislation is not yet in place, these existing regulations are setting the stage. Turkey's Minister of Finance Mehmet Şemsek mentioned that a new law is almost ready. This new law should clear up any confusion and lay a stronger regulatory foundation.
The growing influence of Crypto
According to reports, 1 in 5 people in Turkey knows about cryptocurrency. The world is noticing Turkey's move towards crypto. The country is already playing a major role in the global crypto scene. According to Chainalysis data, Turkey is the 4th largest crypto market in the world. It has a turnover of about 170 billion dollars. This is more than markets such as Russia, Canada, Vietnam, Thailand and Germany. A rush of licenses shows that Turkey is becoming a crypto hotspot.
The future of Crypto in Turkey
The crypto industry in Turkey seems to be on the rise as more and more people apply for licenses. The country is working on clear regulations and a smooth approval process, which should attract more crypto businesses. Turkey plans to become a major player in the global crypto scene by balancing the demand for new ideas with the right size to keep things safe and lively for both local and international companies.
