Cryptocurrency companies, including major players like Coinbase, KuCoin, and Gate.io, are actively seeking business licenses in Turkey as they aim to comply with the country’s evolving regulatory environment. The Capital Markets Board of Türkiye (CMB) initially published a list on August 9 that included 47 names of crypto firms applying for licenses. This list was later expanded to include 76 companies, highlighting the growing interest of global and regional crypto exchanges in the Turkish market.

Despite this surge in applications, the regulatory landscape for cryptocurrencies in Turkey remains uncertain. The list published by the CMB serves primarily to inform the public that these organizations intend to operate under the Temporary Article 11 of the Capital Markets Law. However, being on this list does not equate to full authorization or compliance under Turkish law, as specific crypto regulations have yet to be finalized.

The Turkish cryptocurrency market is experiencing significant growth, largely due to the country’s economic challenges, including the severe depreciation of the Turkish lira. With a trading volume of $170 billion, Turkey ranks as the fourth-largest crypto market globally, trailing only the United States, India, and the United Kingdom. This has driven both local and international crypto firms to seek formal licensing in Turkey to tap into this burgeoning market.

Notably, Binance, one of the largest crypto exchanges by trading volume, is also on the list, despite having recently scaled back its marketing activities in Turkey. This move was made in response to the unclear regulatory environment, although Turkish users can still access Binance’s services for now.

As Turkey’s government continues to refine its approach to cryptocurrency regulation, companies are positioning themselves to comply with forthcoming laws, potentially solidifying their presence in this key market.

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Source: financemagnates.com

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