Turkey just expanded its list of licensed cryptocurrency exchanges, adding heavyweights like Coinbase, KuCoin, and Gate to the roster. This brings the total number of licensed platforms in the country from 47 to a whopping 76.
With ongoing challenges in the United States, Coinbase is looking to expand into markets where the regulatory framework is clearer. Turkey, with its recent changes, is an attractive option.
This rush for licenses didn’t happen in a vacuum. It follows the implementation of a new law in July 2024, which brought stricter regulations for crypto asset service providers.
The “Law on Amendments to the Capital Markets Law” has stated that if exchanges want to operate in Turkey, they need to play by the rules.
The Capital Markets Board (CMB) of Turkey is the body in charge, and they’re not making it easy. Just because an exchange applies for a license doesn’t mean they’re going to get it.
The CMB has set out comprehensive criteria that exchanges must meet to gain official authorization. This includes providing detailed information about their operations and ensuring they comply with Turkey’s strict regulatory requirements.
Turkey’s move to tighten crypto regulations is seen as a way to protect investors and promote a safer trading environment. But it also reflects a broader trend in the region.
Countries across the Middle East and North Africa (MENA) are starting to take crypto regulation more seriously as the market grows.
