KuCoin seeking license to operate in Türkiye.

Turkey is experiencing an increasing interest in cryptocurrency.

Turkey is experiencing a notable increase in interest in cryptocurrency, fueled by the government's efforts to establish clearer regulations for crypto exchanges and service providers.

This initiative has been well-received by the crypto community, drawing in international digital asset platforms eager to tap into Turkey's expanding market.

A report from Chainalysis published in September 2023 revealed that Turkey topped the Middle East and North Africa region in terms of cryptocurrency transaction value, with the United Arab Emirates and Saudi Arabia coming in second and third, respectively.

In addition to the major exchanges, key players in the industry include BingX, Nexo, and Crypto.com, along with local platforms like BtcTurk and Midas.

Cryptocurrency Regulation

An update from the Capital Markets Board reveals a new list that provides the public with information about organizations expressing interest in obtaining licenses and committing to comply with Capital Markets Law No. 6362.

Under Turkey's updated regulatory framework, any cryptocurrency service provider wishing to operate in the country must adopt specific essential measures, including the reporting of cryptocurrency seizures and engaging in legal cooperation.

Regulatory environments vary across different countries and jurisdictions, leading to crypto exchanges either securing approval or withdrawing from the market. For instance, under the European Union's MiCA regulation, some exchanges have chosen to delist certain products to maintain compliance.

Turkey is at the forefront of cryptocurrency exchanges in the Middle East, with more than 20 million users and holders. It serves as a vital hub for cryptocurrency activity in the region, and the future looks promising for ongoing growth in this sector within the country.