“A New Era Begins in the Turkish Crypto Industry”

Binance TR General Manager Mücahit Dönmez made a statement as the transition period given to foreign crypto asset platforms to comply with the current legal regulations, with the crypto law coming into force on July 2, 2024, will end on October 2 (Today).

Stating that this law, which first draws attention with its innovative and innovation-friendly approach, is expected to become more clear with secondary regulations, Dönmez stated that they are following the regulations closely and expressed their hope for regulations that are not prohibitive and offer innovative solutions, just like the current law, and added that they are looking forward to providing solutions to foreign residents. He emphasized that the transition period granted to crypto asset platforms to comply with current legal regulations will end on October 2 (Today) and that this date will be the beginning of a new era for the Turkish crypto industry.

Mücahit Dönmez stated that licensing has the potential to reduce past grievances by bringing confidence to the sector and said, “Three years ago, the crypto adoption rate was at 16%; today this rate has increased to 40%. This clearly shows the increasing interest among investors. “The crypto industry is rapidly growing and maturing,” he said.

Underlining that Turkey has become an important actor in the crypto world, Dönmez continued his words as follows:

“While the number of people holding at least one crypto asset two years ago was between 8 and 10 million, today this number has reached 10-12 million. However, when we consider the population of 80 million, we see that there is still a significant growth potential. Many people were waiting for the laws to be enacted by the state, especially “Now, the licensing process of the platforms is being followed with curiosity.”

Touching on the successes achieved by Binance TR in Turkey, Mücahit Dönmez said, “Binance TR has achieved great success. We rose from 50th to 14th place in CoinMarketCap’s list of best exchanges in a year and a half. “As an exchange that only serves local users, it is an important success for us to be among the global exchanges,” he said.

Sharing information about what awaits the crypto industry in the future, Dönmez stated that the new regulations divide crypto asset platforms into local and foreign exchanges and said, “On October 2, some restrictions come into force for exchanges located abroad. For example, these exchanges cannot open offices in Turkey.” “However, I believe that these restrictions are not completely prohibitive and that secondary regulations and innovation-friendly decisions will move the industry even further,” he said.

Finally, Binance TR General Manager Mücahit Dönmez touched upon the importance of the impact of crypto assets on the financial world and said: “When crypto assets first appeared, they were defined as a ‘disruptive’ technology. However, I believe that crypto can transform in harmony with traditional financial structures. Therefore, this technology is not destructive.” “I think it would be more accurate to describe it as ‘transformative’. Regulations taking shape around the world facilitate the integration of crypto assets into a broader financial ecosystem. Rather than centralizing the sector, the regulations aim to enable users to operate in a safe and regulated environment.”