🇹🇷 The Turkish crypto market is undergoing a major transformation as major players like Coinbase and KuCoin compete to apply for business licenses.

🔍 On August 9, CMB announced that 47 crypto companies had applied, now up to 76, including Coinbase, KuCoin, and Gate.io. Binance, Bitfinex, and OKX have also joined in.

📜 Despite being listed on the “Active List,” companies still need to be formally approved by the CMB after the secondary law is enacted.

⚖️ The crypto regulatory environment in Turkey is still evolving, but it is not stopping companies from seeking licenses, indicating optimism for the industry.

📈 According to Chainalysis, Turkey is the world’s fourth largest crypto market with an estimated trading volume of $170 billion.

💬 What do you think about this development? Share your opinion!