Bitrabo Editorial
The interest in cryptocurrency in Turkey has surged. Leading exchanges in the country have been eager to obtain licenses to operate, resulting in a rise in applicants from 47 to 76. The list of applicants includes big names like Coinbase, KuCoin, and Gate.io.
This growth follows Turkey’s recent efforts to provide more regulatory clarity for crypto exchanges and service providers. Updates to the guidelines of the Capital Markets Board of Turkey aim to inform the public about organizations intending to comply with Capital Markets Law No. 6362.
Exchanges Recognize Turkey’s Potential
Exchanges like Coinbase, KuCoin, and Gate.io are pursuing licenses in Turkey due to the increasing demand for cryptocurrencies in the country. The potential for growth is significant, especially with a trading volume of $170 billion, making Turkey the fourth-largest in cryptocurrency trading value.
The Turkish crypto market is projected to continue expanding rapidly, with an expected user base on digital platforms exceeding 15.25 million by 2028.
Regulatory Environment
While the Turkish regulatory framework for crypto is still evolving, it has taken steps to bring clarity and structure to the market. Currently, general market regulations govern the crypto market in the absence of specific crypto regulations.
The inclusion of blockchain technology in the Turkish government’s 2024-2026 program signals advancements in the Medium-Term Program, positioning Turkey as a potential global player in blockchain and cryptocurrency.
Opportunities for Growth and Investment
The licensing of major exchanges in Turkey opens up growth and investment opportunities in the country’s crypto market. US companies have the chance to provide compliance, legal advisory, and technology solutions tailored to new regulations.
Establishing partnerships and joint ventures with Turkish firms can help US businesses introduce blockchain solutions to the Turkish market. The growing regulatory structure in Turkey, along with the increasing interest from crypto market operators, highlights Turkey’s potential and the global significance of the bitcoin market.
Featured image from TechJuice, chart from TradingView