Turkey's crypto market has grown as Coinbase , KuCoin , and others seek licenses under new regulations, with 76 companies listed by the Turkish Capital Markets Board. On 9 August 2024, the Turkish Capital Markets Board (CMB) announced that 47 cryptocurrency companies had initially applied for licenses under new regulatory frameworks.

This list, however, has expanded to 76, with additions such as Coinbase, KuCoin, and Gate.io. Previously recognised entities like Binance, Bitfinex, and OKX were already part of the application process. The inclusion of these major players highlights Turkey’s rising status as a central hub for cryptocurrency activities.

Despite this progress, the CMB has clarified that being included in the ‘List of Those in Operation’ does not equate to official authorisation. Each company must still obtain formal approval from the board, which is contingent upon the enactment of secondary legislation. The list will be updated as companies address regulatory deficiencies or as the CMB concludes its investigations.

Regulatory landscape in Turkey Turkey’s regulatory environment for cryptocurrencies is still in a state of flux. While comprehensive crypto legislation is not yet in place, existing regulations govern market activities. The country’s Treasury and Finance officials indicated in January 2024 that local crypto legislation was nearing completion, yet the anticipated draft has not been introduced to parliament.

This regulatory uncertainty has not deterred companies from seeking licenses, reflecting the sector’s optimism and the country’s strategic importance in the global crypto market. The wave of applications follows the implementation of the ‘Law on Amendments to the Capital Markets Law,’ which came into effect on 2 July 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 crypto market worldwide, with an estimated trading volume of USD 170 billion. This volume places Turkey ahead of significant markets like Russia, Canada, Vietnam, Thailand, and Germany. .