Turkey Sees Surge in Crypto Companies Applying for Licenses

Turkey has seen a significant increase in interest from cryptocurrency companies looking to set up operations within its borders.

Turkey’s Capital Markets Board (CMB) recently revealed that 47 crypto companies have applied for licenses under the country’s new regulatory framework.

Among the applicants are prominent exchanges such as Bitfinex, Binance TR and OKX TR. However, other major players such as Coinbase, Bybit, KuCoin, MEXC and Gate.io have not yet submitted license applications.

This sharp jump in applications is a consequence of the passing of the “Capital Markets Amendment Act“, which came into force on July 2 this year. The legislation aims to create a structured regulatory environment for cryptoasset service providers operating in Turkey.

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In its announcement, the CMB noted that three companies have stated their intention to liquidate, while applications from companies that have provided incomplete or insufficient information are still being reviewed.

CMB also clarified that inclusion on the “Incumbent List” does not constitute formal authorization. Companies must still receive formal approval from the board once secondary legislation is passed. The list will be updated when companies address any gaps or when the CMB completes its assessments.

Alexander Stefanov