The cryptocurrency market in Turkey is going through significant changes as major companies like Coinbase and KuCoin seek to obtain business licenses in the country. This rush for licenses comes after recent regulatory updates by the Turkish Capital Markets Board (CMB). These updates mark a crucial moment for Turkey’s growing crypto sector.
On August 9, the CMB revealed that 47 cryptocurrency companies had initially applied for licenses under the new regulations. This number has since increased to 76, with major names like Coinbase, KuCoin, and Gate.io joining the list.
Previously, well-known companies such as Binance, Bitfinex, and OKX were already part of the process. The involvement of these big players highlights Turkey’s emerging role as a key hub for cryptocurrency activities.
Regulatory Challenges Ahead
Despite the progress, the CMB has made it clear that being on the “List of Those in Operation” doesn’t mean these companies are officially authorized. Each company must still receive formal approval from the board. This approval depends on the enactment of secondary legislation, which is still pending.
The CMB will update the list as companies resolve regulatory issues or as their investigations are completed.
Changing Regulatory Environment for Turkey
Turkey’s regulations for cryptocurrencies are still evolving. While there isn’t a comprehensive crypto law yet, current regulations do govern market activities.
Earlier this year, Turkish Treasury and Finance Minister Mehmet Simsek mentioned that local crypto legislation was almost ready. However, the expected draft law has not yet been presented to parliament.
This uncertainty hasn’t stopped companies from applying for licenses, showing the industry’s optimism and Turkey’s growing importance in the global crypto market.
The wave of license applications follows the introduction of the “Law on Amendments to the Capital Markets Law,” which came into effect on July 2. This law aims to establish a regulatory framework for crypto asset service providers in Turkey.
