Turkey’s Crypto Boom: 47 Giants Race for Licences Under New Game-Changing Regulations
Turkey’s crypto landscape started Transforming rapidly, 47 firms rushed for crypto licences under new regulations.
Turkey is a major player in the global digital assets market, ranking as the fourth-largest market with an estimated trading volume of $170 billion. Country’s new regulatory push highlights Turkey’s commitment to becoming a leading and regulated hub for cryptocurrencies.
Turkey has recently seen a significant rise in applications for cryptocurrency licences, driven by new regulations aimed at better managing the crypto industry. At the present time, a total of 47 crypto companies, including big names like Binance and OKX Crypto Exchanges, have applied for a crypto licence to operate Crypto business in the country.
This surge in applications follows the implementation of the “Law on Amendments to the Capital Markets Law” on July 2, 2024. This new crypto dedicated law aims to provide a regulatory framework for crypto asset service providers, setting the stage for a more structured and secure crypto market in Turkey.
It is worth it to know that despite the new crypto dedicated law, companies listed as “Those in Operation” are not yet fully authorised. They still need to get formal approval from the Capital Markets Board (CMB) once additional legislation is enacted. This pending legislation will clarify key industry terms and introduce stricter requirements for licensing.
Bitcoin price action
The current trade price of Bitcoin is $59,887 & this price is 3.66% high over the last 30 days period.
In the past 3-4 days, the prices of Bitcoin and other flagship crypto assets crashed badly. However, the recovery seen in the prices of the majority of these assets has been very impressive, indicating a rapid surge in market positivity.
Read also: Crypto Attorney Urges Elon Musk to Integrate XRP into X Payments Following Ripple’s SEC Win
