As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies and their regulatory landscape, I find the recent developments in Turkey particularly intriguing. Having closely followed the crypto market for years, I’ve witnessed its transformative potential and the challenges it faces in different jurisdictions.
Cryptocurrency firms such as Coinbase and KuCoin, along with others, are looking into registering their operations in Turkey.
The new roster of companies now features Coinbase, KuCoin, and Gate.io, bringing the total count to 76 from the original 47. As reported by crypto.news last week, the initial lineup also comprised Binance, the world’s most prominent crypto exchange by trading volume, along with leading exchanges Bitfinex and OKX.
Turkey sees growing crypto traction
As a researcher, I’m excited to announce that recent developments in Turkey have piqued my interest. Turkey has taken a significant stride towards regulatory clarity for crypto exchanges and related providers. This move, welcomed by the crypto industry as both crucial and positive, has sparked international digital asset platforms to consider entering the burgeoning Turkish market.
Based on data from a Chainalysis report published in September 2023, Turkey topped the Middle East and North Africa region in terms of the total worth of crypto transactions. The United Arab Emirates and Saudi Arabia followed closely behind, occupying the second and third positions respectively.
Apart from the leading exchanges mentioned earlier, there are some other prominent platforms like BingX, Nexo, and Crypto.com. Additionally, local exchanges such as BtcTurk and Midas are also part of this list.
Crypto regulation
Based on a recent announcement from the Capital Markets Board, this list provides the public with details about companies expressing intent to obtain a license and comply with Capital Markets Law No. 6362.
To operate cryptocurrency services within Turkey, providers are now required to adopt specific essential steps according to the latest regulations. Among these steps are the submission of reports on seized cryptocurrencies and collaboration on legal matters.
In various nations and regions, crypto exchanges have chosen either to register, receive approval, or cease operations. For instance, in accordance with the EU’s MiCA law, certain platforms have decided to remove specific offerings from their listings to maintain compliance.
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2024-08-16 22:16