Interest in the cryptocurrency market in Türkiye has increased significantly, with the country’s leading exchanges becoming… The race to get business licenses. The number of applicants has increased from 47 to 76, and the impressive list includes popular names like Coinbase, KuCoin, and Gate.io.
This mutation The decision follows Turkey’s recent efforts to provide greater regulatory clarity for cryptocurrency exchanges and their service providers. It also updates the Capital Markets Board of Turkey’s guidelines to inform the public about organizations that have announced their intention to comply with Capital Markets Law No. 6362.
Stock exchanges look to Türkiye’s potential
Coinbase, Qcoin, and Gate.ioFintech companies are seeking licenses from Turkey — likely due to the growing demand for cryptocurrencies in that country. Now they see huge potential due to the growing demand for cryptocurrencies, and trying to do so in other regions is a huge challenge, especially in the United States.
🇹🇷 **Turkey sees surge in cryptocurrency exchange license applications!** Ublockchain reports that Turkish authorities have updated the list of companies applying for cryptocurrency exchange licenses, with the number of applicants increasing from 47 to 76 since early August.
— BitcoinWorld Media (@ItsBitcoinWorld) August 17, 2024
In terms of the value of cryptocurrencies in circulation, Turkey ranks fourth after the United States, India and the United Kingdom, with a trading volume of $170 billion. The country’s cryptocurrency market is expected to continue to grow rapidly, with the number of users on digital platforms expected to rise to more than 15.25 million by 2028.
Regulatory landscape
Although the Turkish regulatory framework is still in its infancy, it has already taken a fair number of steps to bring clarity and structure to the market. While there are no specific regulations for cryptocurrencies, the market is currently governed by general market regulations.
Blockchain technology is included in the scheme. Government Program 2024-2026Turkey is working to integrate the developments into its medium-term program. Overall, the trend towards global adoption of digital currencies could position Turkey as a global player in the blockchain and cryptocurrency market.
Growth and investment opportunities
This comes on the heels of the licensing of some of Turkey’s major exchanges – a significant call for growth and investment opportunities in the country’s cryptocurrency market. In all likelihood, US companies will find opportunities in providing compliance services, legal advice, and technology solutions that are compliant with the new regulations.
Partnerships with Turkish companies and joint ventures would be a good way for US companies to reach the Turkish market with their blockchain solutions. Moreover, this could make US companies that provide education, training and consulting services in this field very well accepted in Turkey.
Turkey, an economically developing country with a growing regulatory structure and environment, has succeeded in attracting more cryptocurrency market operators compared to other regional countries. The increase in the number of major exchanges seeking licenses in this direction shows the country’s potential in the growing global importance of the cryptocurrency market.
Featured image by TechJuice, chart by TradingView