The Turkish cryptocurrency market is witnessing a significant transformation as leading companies, including Coinbase and KuCoin, vie for business licenses in the country.
This surge in applications comes on the heels of recent regulatory updates by the Turkish Capital Markets Board (CMB), signaling a crucial turning point for Turkey's growing crypto industry.
Expanding List of Applicants
On August 9, the CMB revealed that 47 cryptocurrency companies had initially applied for licenses under the new regulatory framework. This number has since grown to 76, with high-profile additions like Coinbase, KuCoin, and Gate.io joining the ranks. Established entities such as Binance, Bitfinex, and OKX had already entered the application process, underscoring Turkey’s emergence as a key hub for cryptocurrency operations.
However, the CMB emphasized that being listed as an applicant does not guarantee official authorization. Companies must still obtain formal approval, which is contingent on the passage of secondary legislation. The list of applicants will be updated as firms address any regulatory issues and as the CMB completes its reviews.
Evolving Regulatory Landscape in Turkey
Turkey’s regulatory environment for cryptocurrencies remains in a state of evolution. While comprehensive crypto laws are not yet fully enacted, existing regulations continue to govern market activities. Turkish Treasury and Finance Minister Mehmet Simsek noted earlier this year that local crypto legislation was nearing completion, though the anticipated draft has not yet been presented to parliament.
Despite the regulatory uncertainty, the influx of license applications reflects the optimism within the industry and Turkey’s strategic significance in the global crypto market. The recent wave of applications follows the enactment of the “Law on Amendments to the Capital Markets Law” on July 2, which aims to provide a regulatory framework for crypto asset service providers in Turkey.
According to data from Chainalysis, Turkey ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion. This positions Turkey ahead of major markets such as Russia, Canada, Vietnam, Thailand, and Germany.
The surge in license applications highlights Turkey’s growing influence in the cryptocurrency sector and its dedication to creating a regulated and secure market environment.
