💀 Turkey 🇹🇷: U.S. Cryptocurrency Exchange Coinbase 🇺🇸 Withdraws Its Application to Enter the Turkish Market

💀 Turkey 🇹🇷: U.S. Cryptocurrency Exchange Coinbase 🇺🇸 Withdraws Its Application to Enter the Turkish Market

Everything seemed promising at first in August... But in recent months, the situation has changed. Of the 77 initial applicants, only 14 remain, as many have backed out, including Coinbase, which withdrew its application.

▶️ SPK introduced several measures to regulate the cryptocurrency market.

👉 All cryptocurrency exchanges in Turkey are required to obtain a license to ensure compliance with the new regulations.

👉 Individuals and legal entities involved with cryptocurrencies must declare their income and fulfill their tax obligations.

👉 However, there’s more at play here: #Geopolitics. While cryptocurrency exchanges might be above it all, the current tensions in Syria signal a shift in the balance of power in Asia, potentially favoring Turkey and challenging the influence of Israel 🇮🇱 and the U.S. 🇺🇸. Although this is not the main focus of our coverage, it’s important to note that Islamic finance has a different perspective on banking and cryptocurrencies. The latter, often associated with corrupt activitiesunder Sharia law, may face restrictions in Turkey. It remains to be seen how this dilemma will unfold.

▶️ In addition to Coinbase, the digital asset unit QNB also withdrew its application, and other platforms, such as Finceptor, Koinim, Stanfex, and XYZ Teknoloji, have ceased operations.

#news #Asia #crypto

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