The Capital Markets Board of Turkey has observed a rise in the number of applicants for crypto licenses.
Turkey has recently experienced a surge in the number of crypto companies that are attempting to obtain a license under the recently enacted Law on Amendments to the Capital Markets Law, which pertains to digital assets.
After the presidential assent and its subsequent publication in the Official Gazette, the framework became effective on July 2. It mandates that local and domestic companies obtain authorization from the Capital Markets Board (CMB) to conduct business in Turkey, thereby enforcing stricter rules on exchanges.
The CMB’s most recent list indicates that the quantity of registrants for crypto licenses has increased from 47 to 76 in the past week. This increase suggests that Turkey’s crypto market, which Chainalysis recently ranked as the fourth largest globally, is gaining traction.
Key actors in the crypto industry, such as Coinbase and KuCoin, as well as local exchanges seeking to maintain their services in the country, are among the new applicants. OKX, Binance, and Crypto.com had submitted applications in the past and were still on the list as of August 9.
The CMB reiterated that the procedure of obtaining a license remains rigorous, despite the growing number of applicants. The regulator clarified that the individuals on the list have only “declared” that they will operate in accordance with the new regime and have not yet been authorized.
In the interim, other cryptocurrency companies proclaimed liquidation, signifying that they would cease operations in Turkey in response to the new regime. This encompassed Bitget, Bitronite, and WooTR, among others.
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