Coinbase and KuCoin are among the significant cryptocurrency exchanges that have recently sought licenses to operate in Turkey, rapidly emerging as a potential hub for the industry. This comes in the wake of the Capital Markets Board of Turkey announcing an increase in license applications due to the new rules. The number of applications has increased from 47 to 76 as of early August, which indicates a growing interest of global exchanges in opening an office in Turkey.
Coinbase, KuCoin Vie for Licenses in Turkey
Turkey’s crypto market is rapidly growing and has drawn the attention of leading exchanges. Coinbase and KuCoin have also applied to obtain licenses to operate in the country. The increase came after Turkey passed the “Law on Amendments to the Capital Markets Law” in July, which directly targeted crypto asset service providers.
The CMB has pointed out that despite the rise in applicants, getting a license has yet to be eased. To be granted formal authorization, exchanges must adhere to specific standards. This has yet to pose a problem to the big players considering Turkey a strategic market in their international business expansion strategies.
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Although there has been a growing concern about the process, getting a license in Turkey is still quite a procedure. The CMB has pointed out that being listed as an applicant does not automatically mean one will be approved. Exchanges are expected to disclose significant information and satisfy specific legal standards.
As reported by the CMB, eight exchanges, including Bitget, have decided to cease offering crypto services in Turkey. This shows the difficulties exchanges encounter in implementing the country’s regulatory requirements. However, large exchanges such as Coinbase and KuCoin continue to meet the CMB’s requirements to enter the Turkish market.
Coinbase Resumes Operations, Eyes Turkey Next
The move aligns with Coinbase’s plan to expand worldwide operations by applying for a license in Turkey. Coinbase recently re-launched in Hawaii after being absent from the market for seven years, indicating its willingness to work with multiple regulatory systems. The application in Turkey is viewed as another measure in the company’s drive towards compliance and expansion on the international scene.
Similarly, KuCoin is expanding its business in Turkey, which has emerged as a critical player in the global crypto market. The two exchanges understand the need to follow the laws of the respective countries as they expand their operations globally. Due to its dynamic crypto market and growing customer base, the Turkish market is potentially very attractive.
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Also Read: Turkey-Based Crypto Exchange BtcTurk Includes Dash To Its Network
