After Turkey's new regulations came into effect in July, applications for crypto company licenses surged

On August 9, Turkey is experiencing a surge in interest from crypto companies to do business in the country. The country's capital markets committee (CMB) announced that 47 crypto companies have applied for licenses under the new regulations. This batch of settled exchanges includes exchanges such as Bitfinex, Binance TR, and OKX TR. However, exchanges such as Coinbase, Bybit, KuCoin, MEXC, and Gate have not yet applied for licenses. This wave of applications follows the implementation of the amendments to the capital markets law that came into effect on July 2, which aims to provide a regulatory framework for crypto asset service providers in Turkey.
In its statement, the CMB clarified that three companies have declared liquidation, while those that have provided incomplete or insufficient information are still under review. The CMB's announcement stressed that inclusion on the "list of businesses in operation" is not the same as obtaining official authorization. After the enactment of secondary legislation, businesses must still seek formal approval from the Commission. The list will be updated as businesses address deficiencies or the CMB completes its investigation.