Turkey Grants Regulatory License to Leading Crypto Exchanges

Turkey recently expanded its list of licensed crypto exchanges, adding major players such as Coinbase, KuCoin and Gate.

With this expansion, the total number of licensed platforms in the country has increased from 47 to an impressive 76.

As Coinbase faces regulatory challenges in the U.S., the company is seeking opportunities in markets with clearer regulatory frameworks. Turkey, with its recent regulatory updates, has become an attractive opportunity for such expansion.

This surge in licensing applications has not happened in isolation. It follows the passage of a new law in July 2024 that introduces stricter rules for crypto service providers.

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The“Capital Markets Legislation Amendment Law” decrees that exchanges operating in Turkey must adhere to specific rules.

The Capital Markets Board (CMB) of Turkey, the regulatory body that oversees these licenses, enforces strict standards. Simply applying for a license does not guarantee approval.

The CMB has outlined detailed criteria that exchanges must meet in order to receive official authorization, including providing comprehensive information about their activities and ensuring compliance with Turkey’s strict regulatory standards.

Turkey’s decision to tighten its crypto regulations aims to protect investors and promote a safer trading environment. The move is also in line with a broader trend in the region, as countries in the Middle East and North Africa (MENA) region begin to take crypto regulation more seriously as the market continues to grow.

Alexander Stefanov