Regulation
Cryptocurrency trading market welcomes new rules
SMIRRORED
The new legal regulation on the matter Encrypt asset represents an important milestone for all players in the Turkish market, the head of one of the leading digital companies currency the foreign exchange market said.
“The license requirement will increase the reliability of cryptocurrency platforms operating in this field, ensuring that they are based on the law,” Binance TR CEO Mücahit Dönmez recently told a group of journalists.
“The new rule is important in terms of establishing the main framework. It is extremely valuable to us that it is not a restrictive or prohibitive law,” he said.
The bill on amendments to Turkey’s capital markets law was approved by parliament in June.
According to the bill, cryptocurrency service providers must obtain authorization from the Capital Markets Board (SPK) before they can be established and operational. While the authority to regulate the ecosystem is given to the Capital Markets Board, the criteria set by the Scientific and Technological Research Council of Turkey (TÜBİTAK) will be applied in matters concerning information systems and technological infrastructure.
“The cryptocurrency adoption rate in Turkey has increased from 16 to 40 percent in three years. This rate has ranked Turkey fourth in the world in terms of transaction volume and twelfth in terms of cryptocurrency adoption,” Dönmez said.
Binance TR’s daily trading volume is around $250 million, he added.
Members of the cryptocurrency ecosystem and Web3 in Turkey met at Binance TR headquarters in Çeşme on July 20-21.
“This meeting shows how open the Turkish people are to new technologies,” said Rachel Conlan, Chief Marketing Officer of Binance Global.
“A recent survey by Binance Research found that nearly 40 percent of Turkish investors are investing in cryptocurrencies due to the high potential of blockchain technology, following profitability and ease of tracking,” he said.
“Binance has applied for licenses in 18 countries where regulation is mandatory. It will be the same in Turkey,” he added.