Turkey’s cryptocurrency landscape is undergoing significant changes as major firms like Coinbase and KuCoin vie for business licenses in the country.
This surge in applications follows recent regulatory updates by the Turkish Capital Markets Board (CMB), signaling a pivotal moment for Turkey’s emerging crypto market.
Growing List of Applicants
On August 9, the CMB reported that 47 cryptocurrency companies had initially applied for licenses under the new regulatory framework. This number has since grown to 76, with notable entrants such as Coinbase, KuCoin and Gate.io joining the fray.
Previously recognized firms like Binance, Bitfinex and OKX were already part of the application process. The participation of these major players highlights Turkey’s increasing role as a key hub for cryptocurrency activity.
However, the CMB has clarified that inclusion in the “List of Those in Operation” does not constitute official authorization. Each company must still obtain formal approval from the board, which depends on the enactment of secondary legislation. The list will be updated as companies address regulatory requirements or as the CMB completes its reviews.
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Turkey’s Regulatory Landscape
Turkey’s regulatory framework for cryptocurrencies remains in development. While comprehensive legislation has not yet been established, existing regulations currently govern market activities.
Turkish Treasury and Finance Minister Mehmet Simsek mentioned in January that local crypto legislation was nearing completion, but the anticipated draft law has yet to be introduced to parliament.
Despite the regulatory uncertainty, companies are keen to apply for licenses, reflecting both optimism in the sector and Turkey’s strategic importance in the global crypto market.
The wave of applications follows the implementation of the “Law on Amendments to the Capital Markets Law”, which took effect on July 2. This law aims to provide a regulatory framework for crypto asset service providers in Turkey.
Turkey’s Growing Crypto Market
According to Chainalysis, Turkey ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion. This places Turkey ahead of other significant markets such as Russia, Canada, Vietnam, Thailand, and Germany.
The increase in license applications underscores Turkey’s rising influence in the cryptocurrency sector and its commitment to establishing a regulated and secure crypto market.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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