ChainCatcher news, according to Cointelegraph, Turkey's cryptocurrency landscape is undergoing a major shift as large companies such as Coinbase and KuCoin join the competition for the country's business license. The number of applications has surged after the Turkish Capital Markets Board (CMB) updated its regulations. Initially, 47 crypto companies applied for licenses under the new regulatory framework, which has now expanded to 76, including new companies such as Coinbase, KuCoin and Gate.io.

Previously accredited entities such as Binance, Bitfinex and OKX have participated in the application process. Despite these developments, CMB clarified that being included in the “List of Operating Enterprises” is not the same as obtaining official authorization. Each company must still obtain formal approval from the board of directors, which is subject to the enactment of secondary legislation. The list will be updated as companies address regulatory deficiencies or the CMB concludes its investigation.

Turkey's Minister of Finance and Treasury Mehmet Simsek said in January that local crypto legislation was close to completion, but the expected draft had not yet been submitted to parliament. This regulatory uncertainty has not stopped companies from seeking licenses, reflecting the industry's optimism and the country's strategic importance in the global crypto market. The wave of applications came after the implementation of the Capital Markets Law Amendment Act, which came into effect on July 2. The law aims to provide a regulatory framework for crypto asset service providers in Turkey.

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