⚡️ Turkey🇹🇷: Coinbase, Gate.io, and KuCoin apply for licenses to operate as cryptocurrency exchanges

⚡️ Turkey🇹🇷: Coinbase, Gate.io, and KuCoin apply for licenses to operate as cryptocurrency exchanges

The crypto market in Turkey is becoming increasingly dynamic with the recent license applications from exchanges like Coinbase, Gate.io, and KuCoin. These applications follow recent regulatory changes introduced by the Capital Markets Board of Turkey (CMB). However, applying for a license does not guarantee immediate operational approval.

➡️ Challenges: The lack of comprehensive cryptocurrency legislation in the country means the process depends on the approval of specific regulations and rules. Each company needs the official approval from the board. Patience will be crucial.

➡️ The regulatory framework is based on the “Capital Markets Law Amendment Act”, which came into effect on July 2.

➡️ On August 9, the CMB reported that 47 crypto players were seeking licenses; however, almost two weeks later, this number had risen to 76.

➡️ Among the first to initiate this process were Binance, Bitfinex, and OKX.

➡️ Interesting fact: Turkey ranks 4th globally in cryptocurrency market size, with an estimated trading volume of $170 billion, surpassing countries like Russia🇷🇺, Canada🇨🇦, Vietnam🇻🇳, Thailand🇹🇭, and Germany🇩🇪.
#news #crypto #Asia

🇮🇳INR P2P FTD with conversion at 56%, deposit fee at 7,5%. For more information contact @chresp