Turkey’s Crypto License Application List Expands

On August 9, the CMB (SPK as in Turkish) announced that 47 crypto companies had applied for licenses under the new regulatory frameworks. However, this list has now grown to 76 with the addition of major players like Coinbase, KuCoin, and Gate.io.

Previously, well-known companies like Binance, Bitfinex, and OKX were already in the application process. The participation of these major players underscores Turkey’s rising status as a central hub for crypto activities.

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Despite this, the CMB has clarified that being included on the “Active List” does not mean official approval. Each company is required to receive official approval from the agency once secondary legislation comes into force.

The list will be updated as companies address regulatory deficiencies or the CMB completes its investigations.

Regulatory Environment in Turkey

Turkey’s regulatory environment for cryptocurrencies is still evolving. While comprehensive crypto legislation has yet to be established, existing regulations are guiding market activity.

Turkish Treasury and Finance Minister Mehmet Şimşek said in January that local crypto legislation was nearing completion, but the anticipated draft has yet to be submitted to parliament.

This regulatory uncertainty has not stopped firms from applying for licenses, reflecting the sector’s optimism and Turkey’s strategic importance in the global crypto market.

The wave of applications comes after the “Law on Amendments to the Capital Markets Law” came into effect on July 2. The law aims to create a regulatory framework for crypto asset service providers in Turkey.

According to Chainalysis, Turkey is the world’s fourth-largest crypto market with an estimated trading volume of $170 billion. This volume puts Turkey ahead of major markets such as Russia, Canada, Vietnam, Thailand, and Germany.

The increase in license applications demonstrates Turkey’s rising importance in the crypto sector and its determination to create a regulated, secure crypto market.

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