Coinbase, KuCoin join list of crypto exchanges seeking licenses in Turkey

Coinbase and KuCoin are among the cryptocurrency companies and services aiming to register in Turkey.

The updated list of companies now includes Coinbase, KuCoin, and Gate.io, bringing the number of organizations from 47 to 76. As crypto.news highlighted last week, the initial list included Binance, the world’s largest crypto exchange by trading volume, as well as top crypto exchanges Bitfinex and OKX.

Interest in crypto money is increasing in Turkey

The news comes after Turkey moved to provide greater regulatory clarity for crypto exchanges and other providers, which the crypto industry has hailed as an important and positive step that has now seen international digital asset platforms eager to enter the growing Turkish market.

According to a Chainalysis report published in September 2023, Turkey led the Middle East and North Africa region in terms of traded cryptocurrency value, with the United Arab Emirates and Saudi Arabia in second and third place, respectively.

Apart from the top exchanges above, other notable names on the list include BingX, Nexo, and Crypto.com, as well as local exchanges like BtcTurk and Midas.

Crypto regulation

According to the statement made by the Capital Markets Board, the list allows the public to be informed about the organizations that have declared that they want to obtain a license according to the Capital Markets Law No. 6362 and plan to operate within this scope.

Under Turkey’s new regulatory guidelines, any crypto provider that intends to offer their services and products in the country must implement certain basic measures. These include reporting crypto seizures and engaging in legal cooperation.

Regulations in different countries and jurisdictions have made it possible for crypto exchanges to register and gain approval or exit. In some cases, such as the European Union’s MiCA law, exchanges have chosen to delist certain products to ensure compliance.