In recent developments, KuCoin and Coinbase have joined the league of exchanges seeking crypto licenses in Turkey. For this reason, the crypto market in the nation is gearing up for a boom, with more trading platforms applying to remain operational in Turkey.
The latest development appeared in an updated list by the nation’s regulatory body, the Turkish Capital Markets Board (CMB). Interestingly, the new post included notable trading platforms, underscoring strong interest in remaining in the Turkish crypto market.
Crypto Licenses Seekers Surged Significantly
The Turkish regulator announced on August 9 that 47 crypto companies had applied to the CMB for operational licensing following the updated regulatory guidelines. However, the list has grown to 76 companies with prominent inclusions like Gate.io, KuCoin, and Coinbase.
Before this recent update, exchange entities such as Binance, Bitfinex, and OKX were already on the tentative list of applications. Consequently, the recent addition of more notable exchange companies emphasizes Turkey's trajectory to becoming a focal point of crypto transactions on the world map.
Criteria For Full Authorisation
Meanwhile, a spot on the CMB's list does not signify full authorization. As stated in the update, “The existence of the 'List of Those Operating' does not mean that the organizations included in this list are authorized under the relevant legislation," said the Turkish regulator.
As a result, formal approval from the CMB remains paramount before undertaking market operations in the country. Moreover, the Board will update this list pending the assessment and investigation findings on the exchanges applying.
Turkey is on the fast track to becoming a hub for global crypto activity. The country's regulatory framework for crypto and other virtual assets is still unstable, with new legislation emerging. In the meantime, current policies continue to steer the virtual industry, pending the implementation of other strict measures.
