Emerging Cryptocurrency Exchanges Seeking Licenses in Turkey
Coin library and KuCoin are among the recent major cryptocurrency exchanges seeking licenses to operate in Turkey, quickly emerging as potential hubs for the industry. This comes after the Turkish Capital Markets Commission announced an increase in license applications due to new rules. The number of applications increased from 47 to 76 as of early August, demonstrating growing interest from global exchanges in setting up offices in Turkey.
Competition Between Coinbase and KuCoin for Turkish License
Turkey’s cryptocurrency market is growing rapidly and has attracted the attention of leading exchanges. Coinbase and KuCoin have applied for licenses to operate in the country following the passing of the Capital Markets Law Amendment Act in July, which targets crypto-asset service providers. The Capital Markets Board (CMB) notes that the process of obtaining a license in Turkey is challenging, with stringent standards required for approval.
Despite the challenges, major exchanges like Coinbase and KuCoin are committed to meeting CMB’s requirements and expanding their presence in the Turkish market. The decision to enter Turkey reflects their strategic approach to international business expansion and compliance with regulatory frameworks.
Resumption of Operations and Expansion Plans for Coinbase and KuCoin
Coinbase recently relaunched operations in Hawaii after seven years, signaling its commitment to global expansion. The exchange has set its sights on obtaining a license in Turkey to further its reach in the international cryptocurrency market. Similarly, KuCoin is expanding its operations in Turkey, recognizing the market’s potential for growth and development.
Both exchanges understand the importance of complying with local regulations while expanding globally. Turkey’s dynamic cryptocurrency market and increasing customer base make it an attractive destination for exchanges seeking to establish a strong presence in the region.
Also read: Turkish Cryptocurrency Exchange BtcTurk Adds Dash to Its Network
