Just-In: Coinbase And KuCoin Applies For Crypto License In Turkey

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As a seasoned analyst with over two decades of experience in the financial sector, I have witnessed the evolution of markets from traditional stocks and bonds to digital assets like cryptocurrencies. The recent surge of applications for crypto licenses by major players such as Coinbase and KuCoin in Turkey is indeed an intriguing development.

Recently, prominent cryptocurrency platforms such as Coinbase and KuCoin have submitted applications for cryptocurrency licenses in Turkey. As per the most recent report from the Turkish Capital Markets Board (CMB), a total of 29 new crypto exchange applications have been made since August 9. Prior to this, only 47 exchanges like Binance, OKX, and others had applied. The latest information indicates that additional significant cryptocurrency exchanges have also submitted their applications for the license.

Coinbase and KuCoin Applies For Crypto License In Turkey

The expanding cryptocurrency sector in Turkey has attracted significant attention from leading figures in the digital currency world. Intriguingly, a surge of new license applications has been seen, with prominent exchanges like Coinbase and KuCoin among those applying, indicating a rising interest among major players to establish a presence in the Turkish market.

Recently, there’s been a significant increase in application submissions following Turkey’s implementation of amendments to its Capital Markets Law in early July. These changes mainly concern crypto asset service providers operating within the country.

As per the CMB report, there’s been a notable surge in the number of cryptocurrency exchanges seeking licenses since the law was enacted. Currently, as of August 9th, approximately 47 exchanges such as Binance, OKX, and others have applied, but notable players like Coinbase and KuCoin are yet to join the list. However, a recent update shows that the count has risen to 76, with new participants entering the competition.

As an analyst, I’ve noticed a surge in applications we’re receiving, but let me clarify that the path to official authorization remains stringent. It’s essential to underscore that being on the “Operating List” doesn’t automatically lead to immediate approval. The CMB has made it clear that each application undergoes a thorough evaluation process before any decisions are made.

As a crypto investor, I understand that for an exchange to legally offer its services, it must adhere to rigorous standards and disclose extensive information. Recently, the China Merchants Bank (CMB) has announced that eight exchanges, such as Bitget, will no longer be providing their crypto services.

Coinbase’s Focus On Complying With Regulatory Compliance

The crypto sector in Turkey is swiftly developing, and rules are growing more crucial for businesses aiming to function within the nation. Although Turkey’s administration hasn’t implemented extensive cryptocurrency laws, the current regulations offer a foundation for the industry’s functioning.

Significantly, Minister of Treasury and Finance for Turkey, Mehmet Simsek, suggested in January that a draft law was almost ready. However, as of now, this proposed legislation has not been introduced in the parliament.

Meanwhile, Coinbase is moving forward with its application for a license, aiming to adhere to regulatory standards across various countries. Notably, this comes as the platform prepares to resume operations in Hawaii following a seven-year absence.

1. Going back to the island nation is part of a larger plan to broaden influence and make cryptocurrency more accessible in crucial markets. Furthermore, this recent action of applying for a license in Turkey demonstrates the exchange’s growing emphasis on adhering to regulatory requirements, while also promoting its worldwide expansion.

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2024-08-16 22:01