47 Crypto Firms Seek Turkey Licenses: Coinbase, Bybit Yet To Submit Applications

• Turkey’s new crypto law leads 47 firms to apply for licenses, boosting regulation.
• Binance TR, Bitfinex apply for licenses, while Coinbase and others are yet to act.
• The country’s crypto market sees tighter control as license reviews continue.

Turkey’s crypto landscape is undergoing significant changes as 47 companies have applied for licenses to operate under a newly introduced regulatory framework. This wave of applications follows the enactment of the “Law on Amendments to the Capital Markets Law,” which became effective on July 2. Among the applicants are prominent exchanges such as Bitfinex, Binance TR, and OKX TR. 

However, other major players, including Coinbase, Bybit, KuCoin, MEXC, and Gate, have yet to submit their applications, raising questions about their future in Turkey’s evolving crypto market.

The recent surge in license applications can be directly attributed to Turkey’s new legislative efforts. The “Law on Amendments to the Capital Markets Law” has provided a much-needed regulatory framework for crypto asset service providers, signaling Turkey’s intent to regulate this rapidly growing sector. 

The Capital Markets Board (CMB) clarified in a recent statement that three companies have declared liquidation. At the same time, applications from those with incomplete or inadequate information are still under review. The CMB emphasized that being included in the “List of Those in Operation” does not constitute official authorization. Formal approval from the board is required once secondary legislation is enacted.

Despite the new law, Turkey’s cryptocurrency market is not fully regulated. The Turkish Treasury and Finance Minister, Mehmet Simsek, indicated in January that comprehensive local crypto legislation was nearing completion. However, this draft legislation has yet to be introduced in parliament, leaving the market in a regulatory gray area. 

While Turkey lacks comprehensive crypto laws, existing regulations provide some oversight. These regulations are part of a broader effort to address deficiencies highlighted by the Financial Action Task Force (FATF) when it placed Turkey on its grey list in 2021. The FATF’s concerns over inadequate supervision of sectors prone to money laundering and terrorism financing, including cryptocurrency, have driven Turkey’s legislative initiatives.

The Turkish government, led by President Tayyip Erdogan, has previously submitted a draft law to parliament that aims to impose stringent oversight on cryptocurrency operations. This proposed bill mandates licensing and registration for all crypto asset service providers, aligning with international standards to enhance Turkey’s standing with the FATF.