Coinbase, KuCoin join list of crypto exchanges seeking licenses in Turkey

Coinbase and KuCoin are among a new list of cryptocurrency companies and services eyeing registration in Turkey.

The updated list of companies now includes Coinbase, KuCoin and Gate.io, with the number of organizations up from 47 to 76. As crypto.news highlighted last week, the initial list included Binance, the world’s largest crypto exchange by trading volume, as well as top crypto exchanges Bitfinex and OKX.

Turkey sees growing crypto traction

The news comes in the wake of Turkey’s move to provide further regulatory clarity for crypto exchanges and other providers. The crypto industry has lauded this as a crucial and positive step, which now has international digital asset platforms keen on entering the growing Turkish market.

According to a Chainalysis report released in September 2023, Turkey led the Middle East and North Africa region in terms of transacted cryptocurrency value. The United Arab Emirates and Saudi Arabia ranked second and third respectively.

Other than the above top exchanges, some of the other notable names on the list include BingX, Nexo and Crypto.com. Local exchanges such as BtcTurk and Midas are also included.

Crypto regulation

According to an update by Capital Markets Board, the list allows the public to get information regarding organizations that have declared their interest in getting licensed and plan to adhere to the Capital Markets Law No. 6362.

Under Turkey’s new regulatory guidelines, any crypto provider looking to offer its services and products in the country must implement certain key measures. These include reporting crypto seizures and legal cooperation.

Regulation in different countries and jurisdictions have seen crypto exchanges register and score approval or exit. In some cases, like the European Union’s MiCA law, exchanges have elected to delist some products to ensure compliance.