Cryptocurrency exchanges praise Türkiye’s new regulations ahead of 2025

Representatives of cryptocurrency exchanges in Türkiye highlighted that the regulations implemented on July 2 have made the cryptocurrency ecosystem in Türkiye more reliable, expressing optimism about increased adaptation by 2025.

With the amendments to the Capital Markets Law through the enactment of Law No. 7518 on Jul. 2, all cryptocurrency service providers operating in Türkiye were obligated to apply for an operational license from the Capital Markets Board of Türkiye (SPK). The new regulations restricted foreign-based cryptocurrency service providers from operating in Türkiye unless they engaged in activities such as establishing a physical presence in the country.

Salim Karaman, CEO of BtcTurk, described the approval of spot bitcoin exchange-traded fund (ETF) in 2024 as a revolutionary development during an interview with the Anadolu Agency.

Karaman stated, “With the approval of spot Bitcoin ETFs in 2024, institutional interest has grown significantly, and the expansion of tokenization projects across various sectors has accelerated digitalization in this field. We hope that the strengthened regulations will enhance user confidence and foster a healthier competitive environment in the industry.”

‘Regulations support long-term growth for cryptocurrency exchanges’

Kutluhan Akcin, country manager for Bybit Türkiye, noted that bitcoin reached an all-time high in 2024, leading to heightened activity in the cryptocurrency market. Akcin emphasized that addressing legal uncertainties in Türkiye has created a safer environment for both individual and institutional investors. He added that these regulations have strengthened Türkiye’s position as a potential regional cryptocurrency hub.

Ali Eselioglu, CEO of CoinTR, remarked that global regulatory efforts and the approval of spot bitcoin and ethereum ETFs in 2024 have generated positive momentum in the markets. Eselioglu pointed out that these global developments have expanded trading volumes and customer bases for exchanges, stressing their readiness to adapt to such changes.

‘2024 became the year of adoption’

Mehmet Camir, chairman of the board at OKX Türkiye, highlighted that key players from traditional finance entered the sector in 2024 to meet customer demands and integrate blockchain innovations into their business models. Camir said, “If I were to describe 2024 from the cryptocurrency perspective in one phrase, I would call it ‘the year of adoption.'”

Camir also pointed out that Türkiye emerged as the largest cryptocurrency market in the Middle East and North Africa region, according to global adoption reports. He noted that since the launch of their applications on Feb. 27, a transaction volume of ₺90 billion ($2.55 billion) has been recorded.

While 2024 was a dynamic year for the cryptocurrency market, bitcoin, the leading cryptocurrency by market capitalization, broke its price record, surpassing $100,000. The establishment of the first legal framework for the sector in Türkiye also marked a significant milestone last year, reigniting interest in cryptocurrencies within the country.