Turkey has witnessed a surge in crypto platform licensing, with the number of licensed platforms skyrocketing from 47 to 76. This growth is directly linked to implementing the “Capital Markets Legislation Amendment Law” in July 2024, which introduced stricter regulations for cryptocurrency service providers.
The move comes as Coinbase, among other global exchanges, seeks more regulated jurisdictions amid regulatory challenges in its home market. Turkey’s revised regulatory framework has positioned the country as an attractive option for expansion.
However, obtaining a license is not a guarantee. The Capital Markets Board (CMB) imposes rigorous standards on applicants, demanding comprehensive operational details and strict adherence to Turkish regulations. This stringent approach aims to safeguard investors and create a secure trading environment.
Turkey’s regulatory overhaul aligns with a broader regional trend of increased cryptocurrency oversight in the Middle East and North Africa, reflecting the industry’s global growth and the need for robust regulatory frameworks.
