In Turkey, the crypto landscape is currently undergoing a major transformation as major players such as Coinbase and KuCoin are actively racing to obtain business licenses.
This follows recent regulatory changes by Turkey’s Capital Markets Board (CMB), marking a crucial development for the country’s fast-growing crypto sector.
Initially, 47 crypto companies applied for a license
On August 9, the CMB announced that 47 cryptocurrency companies had initially submitted license applications under the new regulatory frameworks. This list has now expanded to 76 companies, with new additions including Coinbase, KuCoin and Gate.io. Previously, prominent names such as Binance, Bitfinex and OKX had already submitted their applications, further highlighting Turkey’s position as a major hub for cryptocurrency activities.
Despite the progress, the CMB cautions that inclusion on the “List of Those Who Are Active” does not constitute official approval. Companies must still obtain formal board approval, which is subject to the introduction of additional legislation. The list will be updated as companies comply with the regulations or as the CMB concludes its investigations.
No comprehensive crypto legislation in Turkey yet
Although Turkey does not yet have a comprehensive cryptocurrency legislation, there are existing regulations that regulate market activities. Turkish Finance Minister Mehmet Simsek stated in January that the local crypto legislation is almost complete, but the draft law has not yet been submitted to parliament. Despite this uncertainty, companies continue to actively apply for licenses, which points to the optimism within the sector and Turkey’s strategic importance in the global crypto market.
The recent surge in license applications follows the introduction of the ‘Law on Amendments to the Capital Markets Law’, which came into effect on July 2. This law, in turn, aims to provide a regulatory framework for crypto asset service providers in Turkey. According to data from Chainalysis, Turkey is the 4th largest crypto market in the world, with an estimated trading volume of $170 billion.
Finally, the increase in license applications underscores Turkey’s growing prominence in the cryptocurrency sector and its determined pursuit of a regulated and secure crypto market.
Source: https://newsbit.nl/cryptocurrency-bedrijven-strijden-om-licenties-in-turkije-na-nieuwe-regelgeving/
