Turkey’s cryptocurrency market has grown as Coinbase, KuCoin and others seek licenses under new regulations, with 76 companies listed by the Turkish Capital Markets Board.
On August 9, 2024, Turkey’s Capital Markets Board (CMB) announced that 47 cryptocurrency companies had initially applied for licenses under new regulatory frameworks. However, this list has since expanded to 76, with additions such as Coinbase, KuCoin, and Gate.io.
Already recognized entities like Binance, Bitfinex, and OKX were already part of the application process. The inclusion of these major players underscores Turkey’s growing status as a hub for cryptocurrency activities.
Despite this progress, the CMB clarified that being included in the “Active Companies List” does not constitute official approval. Each company still needs formal board approval, which is contingent on the enactment of secondary legislation. The list will be updated as companies fill regulatory gaps or the CMB concludes its investigations.
Regulatory landscape in Türkiye
Turkey’s regulatory environment for cryptocurrencies is still evolving. While comprehensive cryptocurrency legislation is not yet in place, existing regulations govern market activities. The country’s treasury and finance officials indicated in January 2024 that local cryptocurrency legislation was close to being finalized, but the planned draft has yet to be presented to parliament.
This regulatory uncertainty has not stopped companies from applying for licenses, reflecting the optimism of the sector and the country’s strategic importance in the global cryptocurrency market. The wave of applications follows the implementation of the “Law on Amendments to the Capital Markets Law,” which came into force on July 2, 2024. This law aims to provide a regulatory framework for crypto asset service providers in Turkey.
According to Chainalysis, Turkey ranks as the fourth largest cryptocurrency market in the world, with an estimated trading volume of $170 billion. This volume puts Turkey ahead of major markets such as Russia, Canada, Vietnam, Thailand, and Germany.
