Turkish Crypto Market Heats Up as Coinbase and KuCoin Apply for Licenses
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Turkey’s cryptocurrency market is heating up as major players, including Coinbase and KuCoin, vie for business licenses in the country.
The wave of new applications comes after recent regulatory changes introduced by the Turkish Capital Markets Board (CMB), which requires crypto companies eager to establish operations in the country to apply for licenses.
On August 9, the CMB revealed that 47 cryptocurrency firms had initially applied for licenses under the new regulatory framework.
However, this number has now surged to 76, with prominent names like Coinbase, KuCoin, and Gate.io joining the race.
Established entities such as Binance, Bitfinex, and OKX had already been part of the process.
While the growing list of applicants reflects the increasing interest in Turkey’s crypto market, the CMB has made it clear that inclusion in the “List of Those in Operation” does not equate to official authorization.
Each company must still secure formal approval from the board, a process that hinges on the enactment of secondary legislation.
The CMB will continue to update the list as companies address regulatory gaps or as the board completes its evaluations.
Turkey’s regulatory landscape for cryptocurrencies remains in a state of evolution.
Although comprehensive crypto legislation has yet to be finalized, existing regulations currently govern market activities.
In January, Turkish Treasury and Finance Minister Mehmet Simsek suggested that local crypto legislation was nearing completion, but the anticipated draft law has not yet been presented
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