As major companies like Coinbase and KuCoin enter the competition for business licenses in Turkey, the country’s cryptocurrency landscape is undergoing a significant transformation. Following an update to the regulatory framework by the Capital Markets Board of Turkey (CMB), the number of applications has surged. Initially, 47 cryptocurrency companies applied for licenses under the new regulations, a number that has now expanded to 76, including new entrants such as Coinbase, KuCoin, and Gate.io.
Previously approved entities such as Binance, Bitfinex, and OKX are also involved in the application process. Despite these advancements, the CMB has clarified that being listed as a “registered company” does not equate to official authorization. Each company still needs formal board approval, which depends on the issuance of secondary legislation. The list will be updated as companies address regulatory issues or as the CMB concludes its investigations.
Turkey’s Finance and Treasury Minister, Mehmet Simsek, stated in January that local cryptocurrency legislation is nearing completion, although the anticipated draft has not yet been submitted to Parliament. This regulatory uncertainty has not deterred businesses from seeking licenses, reflecting the industry’s optimism and the country’s strategic importance in the global cryptocurrency market. This wave of applications emerged following the implementation of the Capital Markets Law Amendment, which took effect on July 2. The law aims to provide a regulatory framework for cryptocurrency asset service providers in Turkey. According to Chainalysis data, Turkey is the fourth-largest cryptocurrency market globally, with a trading volume estimated at $170 billion. This volume places Turkey ahead of key markets such as Russia, Canada, Vietnam, Thailand, and Germany.
