Interest in the cryptocurrency market of Turkey has skyrocketed. The country’s leading exchanges have been racing for licenses to operate. Applicants rose from 47 to 76, and the impressive list includes such popular names as Coinbase, KuCoin, and Gate.io.
This surge follows closely on the heels of Turkey’s recent push to offer more regulatory clarity for crypto exchanges and their service providers. It makes updates to the guidelines of the Capital Markets Board of Turkey for the purpose of informing the public about organizations that have declared their intention to comply with Capital Markets Law No. 6362.
Exchanges Eye Turkey’s Potential
Coinbase, KuCoin, and Gate.io, are seeking licenses from Turkey—most likely due to the expanding demand for crypto in that country. Now they see quite large potential because of the growing demand for crypto, and trying in other regions is quite a challenge, mostly in the United States.
🇹🇷 **Turkey Sees Surge in Crypto Exchange License Applications!** Ublockchain reports that Turkish authorities have updated the list of companies applying for a cryptocurrency exchange operating license, with the number of applicants rising from 47 to 76 since early August. Newly…
— BitcoinWorld Media (@ItsBitcoinWorld) August 17, 2024
In terms of value of cryptocurrencies traded, Turkey is fourth in line after the United States, India, and the United Kingdom, with a trading volume of $170 billion. The country’s crypto market will continue to grow rapidly, with the user base on digital platforms projected to rise to 15.25 million-plus by 2028.
Regulatory Landscape
Even though it’s still in progress, the Turkish regulatory framework has already introduced a reasonable number of steps to bring clarity and structure to the market. While there’s a lack of specific regulations for crypto, the market is currently being governed by general market regulations.
Blockchain technology is being included in the outline of the government’s 2024-2026 program, integrating advancements in its Medium-Term Program. All in all, the trend for the global adoption of digital currencies can set Turkey as a world player in the blockchain and cryptocurrency market.
Opportunities for Growth and Investment
This follows the licensing of some major exchanges in Turkey—a significant call for growth and investment opportunities in the country’s crypto market. For the most part, US companies are likely to find inroads in the offering of compliance, legal advisory, and technology solutions attuned to new regulations.
Partnerships with Turkish firms and joint ventures will be a good way for US businesses to reach the Turkish market with their blockchain solutions. Moreover, this can make US businesses that are performing education, training, and consultancy services in the field very well accepted in Turkey.
Turkey, an economically developing country with a growing regulatory structure and environment, has attracted more crypto market operators than other regional countries. The surge of large exchanges seeking licenses in this direction shows the country’s potential in the crypto market’s growing global relevance.
Featured image from TechJuice, chart from TradingView