A lot of people are trying to get formal permission, but it’s still a tough procedure.
Leading figures in the crypto world have taken notice of Turkey’s burgeoning market.
A number of prominent cryptocurrency exchanges, including KuCoin and Coinbase, have recently filed for crypto licenses in Turkey. Since August 9, when 47 exchanges, including Binance and OKX, among others, filed for the license, 29 more crypto exchanges have applied, according to the most recent update from Turkey’s Capital Markets Board (CMB).
Leading figures in the digital asset world have taken notice of Turkey’s burgeoning cryptocurrency market. It is worth mentioning that a number of prominent cryptocurrency exchanges, such as Coinbase and KuCoin, have recently submitted licensing applications. This shows how serious the big firms are in breaking into the Turkish market.
Regulatory Compliance
Another factor contributing to the recent uptick in applications is the “Law on Amendments To The Capital Markets Law” that Turkey enacted at the beginning of July. Service providers in the country’s cryptocurrency market were the primary targets of this regulatory posture.
The number of exchanges requesting the license has skyrocketed since the regulation was enacted, according to the CMB report. Major participants like Coinbase and KuCoin were not on the list of 47 exchanges that have applied as of August 9. The list includes OKX, Binance, and others. With the addition of the participants, however, the most recent update revealed that the number has risen to 76.
A lot of people are trying to get formal permission, but it’s still a tough procedure. Being included in the “List of Those in Operation” does not ensure quick clearance, as the CMB has stressed. However, it points towards how crypto exchanges are taking regulatory compliance seriously in recent times.
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