Türkiye expands crypto license list, including Coinbase, Kucoin and Gate
As Türkiye strengthens its regulatory framework for the cryptocurrency industry, international crypto giants are making their move into the rapidly growing market.
Coinbase, which serves 103 million users across 100 countries, KuCoin and other major exchanges have secured licenses to operate under the country’s stringent new regulations, marking Türkiye as a critical hub for crypto activity in the region.
Türkiye’s expanding crypto market
- Increase in licensed exchanges: Türkiye’s Capital Markets Board (CMB) has expanded the list of licensed cryptocurrency exchanges from 47 to 76, now including major global players like Coinbase, KuCoin, Gate.io, Binance, Bitfinex, and OKX. This surge in licensing follows the implementation of new regulations in July 2024 aimed at tightening oversight of the crypto industry.
- Market leadership: Türkiye leads the Middle East and North Africa (MENA) region in cryptocurrency transaction volume, as highlighted by a Chainalysis report released in September 2023. The country’s growing prominence in the crypto space has attracted significant interest from international and local exchanges alike, including BtcTurk and Midas.
Coinbase’s strategic expansion in Türkiye
- Temporary authorization in Türkiye: Coinbase, a U.S.-based crypto exchange with a global user base of 103 million across 100 countries, has been granted temporary authorization to operate in Türkiye under the name “Coinbase Turkey Yazılım Teknolojileri AS”. The platform, known for offering over 220 coins, sees an average daily trading volume of ₺25 billion.
- Compliance with new regulations: Under Türkiye’s updated “Law on Amendments to the Capital Markets Law,” all foreign crypto exchanges must register with the CMB to legally operate. Coinbase’s inclusion in the approved list marks its compliance with the new regulatory requirements, a critical move amid the challenging U.S. regulatory environment.
What is regulatory environment in Türkiye?
- Strict licensing criteria: The CMB has set comprehensive criteria for crypto exchanges seeking to operate in Türkiye, requiring detailed operational information and adherence to strict regulatory standards. This effort is aimed at ensuring investor protection and promoting a safer trading environment within the country.
- Investor protection focus: Türkiye’s new regulations, which include provisions for reporting crypto seizures and legal cooperation, are part of a broader trend in the region where governments are taking crypto regulation more seriously as the market matures.
What was the rumor about Coinbase, BtcTurk?
- Potential acquisition of BtcTurk: In previous years, there were rumors that Coinbase might acquire BtcTurk, Türkiye’s largest cryptocurrency exchange, for a staggering $3.2 billion. While this deal has yet to materialize, the speculation underscores the strategic importance of the Turkish market for global crypto players.
- Global regulatory trends: Türkiye’s approach to crypto regulation mirrors global trends, such as the European Union’s MiCA law, where exchanges are required to delist certain products to remain compliant. This shift highlights the growing emphasis on regulation in the rapidly evolving crypto market.
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