🌎 Coinbase and KuCoin to Register in Turkey Amid Growing Crypto Market

Coinbase and KuCoin are among the latest cryptocurrency companies aiming for registration in Turkey.

The updated list of companies now includes Coinbase, KuCoin, and Gate.io, with the total number of organizations increasing from 47 to 76. This update follows the initial list, which featured Binance, the largest crypto exchange by trading volume, as well as Bitfinex and OKX.

The news arrives as Turkey moves to offer further regulatory clarity for crypto exchanges and other providers. This step is seen as crucial by the crypto industry, attracting international digital asset platforms to the expanding Turkish market.

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

In addition to the major exchanges mentioned, other notable names on the list include BingX, Nexo, and Crypto.com. Local exchanges such as BtcTurk and Midas are also part of the list.

Crypto Regulation

The Capital Markets Board has provided an update indicating that the list allows the public to access information about 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 in the country must implement key measures, including reporting crypto seizures and legal cooperation.

Regulations in different countries have led to various outcomes for crypto exchanges, ranging from registration and approval to exit. For instance, the European Union’s MiCA law has prompted some exchanges to delist certain products to ensure compliance.