A growing number of cryptocurrency exchanges, including Coinbase, KuCoin, and Gate.io, are vying for business licenses in Turkey as the country emerges as a key player in the global crypto market. According to a recently updated list from the Capital Markets Board of Türkiye, a total of 76 companies have declared their intent to comply with local market regulations in order to operate within the country.
Top Exchanges Eye Turkish Market
The initial list of 47 companies, published on August 9, has since expanded to include 76 names. This includes several prominent cryptocurrency exchanges and smaller firms that are positioning themselves to tap into Turkey’s robust demand for digital currencies.
A statement accompanying the list clarified that the inclusion of a company does not equate to full regulatory authorization. It simply indicates that these organizations have declared their intention to comply with the Temporary Article 11 of the Capital Markets Law No. 6362, which governs financial markets in Turkey. The list provides transparency to the public regarding the status of these exchanges.
Regulatory Ambiguity Amid Rising Demand
Despite the growing interest in the Turkish market, the country has yet to establish a comprehensive regulatory framework specifically tailored to cryptocurrencies. Presently, the crypto industry is governed by existing market regulations, and no draft legislation has been officially proposed, even though the country’s Treasury and Finance Minister Mehmet Şimşek hinted earlier this year that crypto-specific laws were being developed.
In a notable move, Binance, the world’s largest crypto exchange by trading volume, recently announced the cessation of its marketing activities in Turkey. Citing regulatory concerns, the exchange plans to phase out Turkish language support over the next three months, although Turkish users will still have access to the platform. Despite this shift, Binance’s name also appears on the list of companies seeking authorization from the Capital Markets Board.
Turkey’s Growing Crypto Market
Turkey has seen a surge in cryptocurrency trading in recent years, largely driven by economic instability and the devaluation of the Turkish lira. The country now ranks fourth globally in terms of crypto trading volumes, trailing only the United States, India, and the United Kingdom. With over $170 billion in trading volume, Turkey has become a significant hub for cryptocurrency activity, particularly within the MENA region.
As the country’s economy continues to face challenges, particularly with the lira losing more than 82% of its value against the US dollar over the past five years, many Turkish citizens are turning to cryptocurrencies as a hedge against economic uncertainty. This has led to increased interest from both international and domestic crypto firms, all looking to establish a foothold in this rapidly expanding market.
As Turkey navigates the complexities of crypto regulation, the actions of top exchanges like Coinbase, KuCoin, and Binance will likely shape the future landscape of the country’s digital currency ecosystem.
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