Just-In: Coinbase And KuCoin Applies For Crypto License In Turkey

In the latest development, leading crypto exchanges like Coinbase and KuCoin have applied for crypto licenses in Turkey. According to the latest update from the Capital Markets Board (CMB) of Turkey, 29 new crypto exchanges have applied for the license since August 9, when only 47 exchanges including Binance, OKX, and others have applied. However, the latest update showed that several other major crypto exchanges have applied for the license.

Coinbase and KuCoin Applies For Crypto License In Turkey

The growing crypto market in Turkey has gained notable traction from the major players in the digital assets space. Notably, the recent wave of new license applications includes from the top crypto exchanges like Coinbase, and KuCoin, among others. This reflects the growing interest of the major players in establishing a foothold in the Turkish market.

Meanwhile, the latest surge in applications comes after Turkey implemented the “Law on Amendments To The Capital Markets Law” in early July. This regulatory stance was primarily focused on the crypto asset service providers in the nation.

According to CMB report, the total number of exchanges applying for the license has significantly soared since the law came into existence. Meanwhile, as of August 9, only 47 exchanges like Binance, OKX, and others have applied, while major players like Coinbase and KuCoin were absent from the list. However, the latest update showed that the number has increased to 76, with the players joining the fray.

Despite the growing number of applicants, the process of obtaining official authorization remains rigorous. The CMB has emphasized that inclusion in the “List of Those in Operation” does not guarantee immediate approval.

In other words, the crypto exchanges must meet stringent criteria and provide comprehensive information to gain formal authorization. In addition, the CMB has revealed 8 exchanges’ names, including Bitget, among others, which will not be continuing their crypto services.

Coinbase’s Focus On Complying With Regulatory Compliance

Turkey’s crypto landscape has been rapidly evolving, with regulations becoming increasingly important for companies looking to operate within the country. While the Turkish government has yet to introduce comprehensive crypto legislation, the existing regulations provide a framework for the market’s operation.

Notably, Turkish Treasury and Finance Minister Mehmet Simsek hinted in January that a draft legislation was nearing completion, but it has yet to be presented in parliament.

However, the timing of Coinbase’s license application gains further traction, as the exchange seeks to comply with regulatory compliance with other nations. For context, Coinbase marks its Hawaii re-entry after seven years of its exit from the island state.

The return to the island state reflects a broader strategy to expand its reach and enhance crypto accessibility in key markets. In addition, the latest move to seek a license in Turkey reflects the exchange’s increasing focus on complying with the regulatory landscape, while aiming for its global growth.