Interest in Turkey’s cryptocurrency market has skyrocketed. The country’s leading exchanges are in a race to obtain licenses to operate. The number of applicants has increased from 47 to 76, and the impressive list includes popular names such as Coinbase, KuCoin and Gate.io.

This increase comes on the heels of Turkey’s recent effort to provide greater regulatory clarity for crypto exchanges and their service providers, updating the Capital Markets Board of Turkey’s guidelines to inform the public about organizations that have declared their intention to comply with Capital Markets Law No. 6362.

Stock markets look at Turkey’s potential

Coinbase, KuCoin and Gate.io are trying to get licenses in Turkey, probably because of the growing demand for crypto in that country. Now they see quite a big potential because of the growing demand for crypto, and it is quite a challenge to try it in other regions, especially the United States.

🇹🇷 **Turkey Sees Surge in Crypto Exchange Applications!** Ublockchain reports that Turkish authorities have updated the list of companies applying for crypto exchange operating licenses. The number of applicants has increased from 47 to 76 since early August. Recently,…

— BitcoinWorld Media (@ItsBitcoinWorld) August 17, 2024

In terms of value of cryptocurrencies traded, Turkey ranks fourth 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 expected to rise to 15.25 million-plus by 2028.

Regulatory landscape

Although still in development, the Turkish regulatory framework has already introduced a fair number of steps to bring clarity and structure to the market. While there is a lack of specific regulations for crypto, the market is currently governed by general market regulations.

Blockchain technology will be included in the outline of the government program for 2024-2026, integrating the developments in the program in the medium term. All in all, the trend for global acceptance of digital currencies could position Turkey as a global player in the blockchain and cryptocurrency market.

Opportunities for growth and investment

This follows the licensing of several major exchanges in Turkey, a major call for growth and investment opportunities in the country’s crypto market. For the most part, U.S. companies are likely to make strides in offering compliance, legal advice, and technology solutions that are aligned with new regulations.

Partnerships with Turkish companies and joint ventures are a good way for American companies to reach the Turkish market with their blockchain solutions. Moreover, this can ensure that American companies that provide education, training and consulting services in this field are 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 increase in major exchanges seeking licenses in this direction shows the country’s potential in the growing global relevance of the crypto market.

Main image from TechJuice, chart from TradingView