Turkish encryption market: annual transaction volume of 170 billion US dollars to apply for 76 applications

Source: Aiying Compliance

In recent years, Türkiye’s cryptocurrency market is rapidly globalization, growing from a regional market to an important part of the global crypto industry.Internationally renowned encryption companies, such as Coinbase and Kucoin, have entered the Turkish market, reflecting the huge potential and strategic importance of the market.

The Turkish Capital Marketing Committee (CMB) recently updated the regulatory regulations of cryptocurrencies, which directly led to the surge in the number of companies applying for licenses.From the initial 47 applications, it expands rapidly to 76EssenceThis bill provides a clearer regulatory framework for Türkiye’s encrypted asset service providers, prompting enterprises to actively seek legal operations.However, although these companies have been included in the “list of business companies”, this does not mean that they have obtained formal business permits.CMB clearly states that the final authorization needs to pass the approval of the board of directors, and the key to this process lies in the promulgation of secondary legislation.What has been promoting the development of the Türkiye market these years?Aiying Aiying takes everyone to find out in detail.

1. The special nature of the Turkish market

Türkiye is located at the junction of Eurasia, and its geographical location is very strategic.The establishment of an encrypted company can more effectively cover the European, Middle East and North Africa markets through the establishment of business in Türkiye to expand its global business landscape.

In addition, the Türkiye’s cryptocurrency market is becoming more and more important globally, and has become the fourth largest market.according toCHAIINALYSIS data shows that Türkiye’s annual cryptocurrency transaction volume is about $ 170 billionThis number is very amazing, surpassing many more well -known markets, such as Russia and Canada.Aiying Aiying shows you the relevant data through Kaiko’s report:

1. The growth of Turkish lira in cryptocurrency transactions: In the past four years, Turkish li La’s trading volume has increased from millions of dollars to more than $ 10 billion.In 2024, the monthly transaction volume of Try transactions exceeded 10 billion US dollars in eight consecutive months, which is the longest period of continuous high transaction volume since the record.The cumulative transaction volume throughout the year is about 95 billion U.S. dollars, which is almost equivalent to the total transaction volume in 2023.

2. Türkiye faces the problem of high inflation and currency depreciation for a long timeIn particular, the “Erdogan Economics” promoted the Turkish central bank to adopt interest rate reduction monetary policy before 2023, which exacerbated the depreciation of Licha.Although the policy turned after the 2023 election, the depreciation speed of the lira only slowed down and did not significantly restore confidence.From the end of 2020 to the end of 2023, the Turkish lira depreciated by more than 300%.

3. The risk aversion of cryptocurrencies: In contrast to the depreciation of Licha, the price of Bitcoin has risen significantly since 2021, becoming an important value preservation tool for Turkish investors.This has led to a surge in transaction volume of BTC-TRY transactions, which has increased by more than 800%since 2021.

4. Binance’s market dominant position: Although several other exchanges such as Gate.io, Kucoin, and OKX have recently entered the Turkish market, their market share is less than 1%, and Binance and BTCTURK are the most commonly used platforms for Turkish traders.Although BTCTURK is the largest local platform, its market share has dropped from 95%in 2020 to 13%in 2024.Binance gradually occupies market dominance due to its deep liquidity and lower trading costs.

5. The scale of stable currency expands: Due to the inflation environment in Türkiye, the use of stablecoins has increased significantly.In 2024, USDT-TRY is the largest transaction pair on Binance, exceeding $ 22 billion.

According to Aiying Aiying, cryptocurrency transactions have been deeply integrated into the daily life of large cities such as Istanbul.For example,In some small shops near Darga, customers can directly exchange Bitcoin or USDT with cash.In addition, some Turkish real estate developers and agents also accept Bitcoin as a payment method for real estate transactions.In the tourism industry, including tourism companies, hotels and travel agencies, more and more merchants have begun to accept cryptocurrency payment.The number of cryptocurrencies ATMs in Istanbul is also increasing. Users can easily use cash to buy Bitcoin, Ethereum and other major cryptocurrenciesEssenceThese phenomena show that the popularity of cryptocurrencies in Türkiye has deepened and is becoming part of daily transactions.Therefore, it has also become the reason why many encrypted agencies choose to stay.

2. Türkiye’s “Capital Market Law Amendment”

On July 2, 2024, Turkey officially took effect on the new “Capital Market Law Amendment”. This regulation update has brought many changes to the cryptocurrency market. The purpose is to better regulate this rapidly developing field.The following is the main content of this law, explained in a more understandable way.The following is the essence of Aiying Aiying’s main points of the bill:

1. License system and compliance requirements

New regulations stipulate that all cryptocurrency -related service providers, includingTrading platforms, hosting services, etc., must obtain operating permits from the Turkish Capital Marketing Committee (CMB)Essencein other words,Whether it is a local company or an international company, you must first pass the approval and get a license to legally carry out business in Türkiye.EssenceIn addition, these companies must also abide by more stringent compliance requirements, such as anti -money laundering (AML) and “understanding your customers” (KYC) and other international standards to ensure the transparency and security of business operations.

2. The obligation to pay fees

The new bill also stipulates,All cryptocurrency platforms must pay the cost of 2%equivalent to 2%each year, of which 1%are given to CMB, and the other 1%to the Turkish Science and Technology Research Committee (TUBITAK)EssenceThese costs are to support the government’s supervision and ensure the order and stability of the market.This may be a big burden for small enterprises, but it will generally help create a fair and sustainable market environment.

3. Regulations for transition period and existing enterprises

For cryptocurrency companies that have been operating in Türkiye,The new regulations set a transition period.These companies need to submit a statement to the CMB within one month after the bill takes effect.EssenceDuring the transition period, these companies must not receive new customers and must focus on meeting the requirements of new regulations.

4. Classification of encrypted assets

The new bill is classified in detail about encrypted assets.Mainly include:

Securities -type encryption assets: Crypto assets similar to traditional securities.
Electronic currency type encryption assets: Cryptocurrency for electronic payment.
Functional encryption assets: Provide encryption assets with a certain service or product access permissions, such as NFT.
Technology -driven encryption asset: For example, Bitcoin and Ethereum, their value is inseparable from its underlying blockchain technology.

These categories have helped clarify the supervision requirements of different types of encrypted assets to ensure that each asset can operate under appropriate legal framework.

5. Requirements for foreign platforms

New regulations have also made clear requirements for foreign cryptocurrency platforms.If these platforms are marketing through the Turkish website or specifically for Turkish customers, they must stop these activities within three months after the bill takes effect, unless they get the CMB licenseEssenceThis provision aims to prevent unauthorized foreign platforms from operating in the Türkiye market to ensure that all service providers compete under the same regulatory framework.According to Aiying, Ai Ying understands that Binance has announced the service update based on the Turkish new Turkish Metro -currency regulations, and all direct marketing activities for local users will be completely stopped. The Turkish selection of binance.com will be closed within 3 months.

6. Trading and customer protection

According to the new bill, CMB will formulate detailed transactions and customer protection rules.The contract between all service providers and customers must be signed in writing. Any levels of restrictions or exclusion of service providers will be regarded as invalidEssenceThe CMB will also specify the contents of these contracts to ensure that the customer’s rights and interests are fully guaranteed.

7. Punishment of illegal behavior

For those cryptocurrency service activities that have not been authorized, new regulations have set strict penalties, including fines and imprisonment.Any employees or shareholders of any service provider will face severe legal consequences if they involve illegal activities.

Türkiye’s position in the global cryptocurrency industry is increasingly important, especially the strategic significance of its huge market demand and geographical location.As the fourth largest cryptocurrency market in the world, Turkey not only occupy an important position in transaction volume, but also become a cutting -edge market for cryptocurrency applications because of its domestic economic conditions and young and technical user groups.With the maturity of the market and the further clarification of policies, Turkey is expected to play a greater role in the global cryptocurrency industry and contribute to the innovation and development of the global market.Aiying Ai Ying is also paying attention, welcome everyone to communicate with WeChat.

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