Turkey’s cryptocurrency market is gaining momentum as major players, including Coinbase and KuCoin, compete for business licenses in the country.
The wave of new applications comes after recent regulatory changes by the Turkish Capital Markets Board (CMB), which requires cryptocurrency companies that want to start operations in the country to apply for licenses.
on August 9, the CMB revealed that 47 cryptocurrency companies had initially applied for licenses under the new regulatory framework. However, that number has now risen to 76, with well-known names such as Coinbase, KuCoin and Gate.io joining the race .
Binance, Bitfinex, OKX have already applied for licenses
Established players such as Binance, Bitfinex and OKX have already participated in the process. While the growing list of applicants reflects the growing interest in Turkey’s cryptocurrency market, the CMB has made it clear that inclusion on the “Acting List” is not equivalent to obtaining official authorization.
Each company must still obtain formal approval from the board, and the process is based on the enactment of secondary legislation. The CMB will continue to update the list as companies close regulatory loopholes or as the board completes its evaluations.
Although comprehensive cryptocurrency legislation has not yet been finalized, existing regulations currently govern market activities.
In January, Turkish Treasury and Finance Minister Mehmet Simsek suggested that local legislation on cryptocurrencies was nearing completion, but the expected bill has not yet been presented to parliament.
Despite this regulatory uncertainty, companies continue to apply for licenses, reflecting industry optimism and highlighting Turkey’s strategic importance in the global cryptocurrency market. The surge in applications follows the passage of the “Law on Amending the Law on Capital Markets,” which came into effect on July 2.
The law aims to establish a regulatory framework for crypto asset service providers in Turkey.
Turkey ranks fourth among the largest cryptocurrency markets
It is worth noting that Turkey has a significant impact on the global cryptocurrency landscape.
The nation ranks as the fourth largest cryptocurrency market in the world, boasting an estimated $170 billion in trading volume, eclipsing well-known markets such as Russia, Canada, Vietnam, Thailand and Germany.
Earlier this year, Turkey’s largest cryptocurrency exchange, BtcTurk, was hacked and $54 million was stolen. In a statement, BtcTurk revealed that the cyber attack took place on June 22, 2024, and led to unauthorized withdrawals.
The breach only affected some balances in the wallets of 10 cryptocurrencies, while most of the assets held in cold wallets remained safe.
