Crypto currency exchange market welcomes new rules

İZMİR

The new legal regulation on crypto assets is an important milestone for all actors in the Turkish market, the head of a major digital currency exchange market has said.

“The license requirement will increase the reliability of crypto asset platforms operating in this field by ensuring they are on a legal basis,” Binance TR CEO Mücahit Dönmez recently told a group of journalists.

“The new regulation is important in terms of determining the main framework. For us, it is extremely valuable that it is not a restrictive or prohibitive law,” he said.

Türkiye’s “Bill on Amendments to the Capital Markets Law” was approved by the parliament in June.

According to the bill, crypto asset service providers must obtain permission from the Capital Markets Board (SPK) before establishment and operation. While the authority to regulate the ecosystem is given to the Capital Markets Board, the criteria determined by the Scientific and Technological Research Council of Türkiye (TÜBİTAK) will be applied in matters concerning information systems and technological infrastructure.

“The crypto adoption rate in Türkiye has increased from 16 percent to 40 percent in three years. This rate has ranked Türkiye fourth globally in terms of transaction volume and twelfth in terms of crypto adoption,” Dönmez said.

Binance TR’s daily trading volume is roughly $250 million, he added.

Members of the crypto assets and Web3 ecosystem in Türkiye met at Binance TR's organization in Çeşme on 20-21 July.

“This meeting shows how Turkish people are open to new technologies,” Binance Global Chief Marketing Officer Rachel Conlan said.

“A recent Binance Research survey found that nearly 40 percent of Turkish investors are investing in crypto because of the high potential of blockchain technology, following profitability and ease of tracking,” she said.

“Binance has applied for a license in 18 countries where regulation is mandatory. It will be the same way in Türkiye,” she added.