In the latest development, leading crypto exchanges like Coinbase and KuCoin have applied for crypto licenses in Turkey. According to the latest update from the Capital Markets Board (CMB) of Turkey, 29 new crypto exchanges have applied for the license since August 9, when only 47 exchanges including Binance, OKX, and others have applied. However, the latest update showed that several other major crypto exchanges have applied for the license.
Coinbase and KuCoin Applies For Crypto License In Turkey
The growing crypto market in Turkey has gained notable traction from the major players in the digital assets space. Notably, the recent wave of new license applications includes from the top crypto exchanges like Coinbase, and KuCoin, among others. This reflects the growing interest of the major players in establishing a foothold in the Turkish market.
Meanwhile, the latest surge in applications comes after Turkey implemented the “Law on Amendments To The Capital Markets Law” in early July. This regulatory stance was primarily focused on the crypto asset service providers in the nation.
According to CMB report, the total number of exchanges applying for the license has significantly soared since the law came into existence. Meanwhile, as of August 9, only 47 exchanges like Binance, OKX, and others have applied, while major players like Coinbase and KuCoin were absent from the list. However, the latest update showed that the number has increased to 76, with the players joining the fray.
Despite the growing number of applicants, the process of obtaining official authorization remains rigorous. The CMB has emphasized that inclusion in the “List of Those in Operation” does not guarantee immediate approval.
In other words, the crypto exchanges must meet stringent criteria and provide comprehensive information to gain formal authorization. In addition, the CMB has revealed 8 exchanges’ names, including Bitget, among others, which will not be continuing their crypto services.
The post Just-In: Coinbase And KuCoin Applies For Crypto License In Turkey appeared first on CoinGape.
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