Coinbase Leads Surge as 29 Crypto Firms Apply for SPK Licenses in Turkey

• Recent developments have stirred up the Turkish cryptocurrency market.
• The update to the Capital Markets Board’s (SPK) “Registered Firms List” has highlighted increasing activity in the market.
• A significant rise in license applications has been observed, almost doubling in number.

The Turkish crypto market sees a surge in activity following the latest SPK registered firms list update, showcasing the sector’s growing appeal.

Notable Increase in Crypto Firms Applying for Licenses

The number of firms applying for licenses with the SPK has seen a dramatic increase. The initial list featured 47 companies, while the latest update includes an addition of 29 companies, totaling 76. Among the new entrants are Türkiye İş Bankası, which applied for a custodial service license, and the globally renowned crypto exchange, Coinbase, seeking to operate as an exchange.

Turkey’s Growing Appeal to Global Crypto Exchanges

This latest listing underscores Turkey’s increasing attractiveness to international players in the cryptocurrency market. With major Bitcoin and altcoin exchanges such as KuCoin, Gate.io, Crypto.com, and BingX now on the list, it’s evident that global entities are keen to establish a presence in Turkey. However, it’s important to note that license applications do not equate to automatic approval. Companies must meet stringent criteria and provide comprehensive information as required by the SPK. Some firms, previously submitted for licensing, will not continue operations as announced by the SPK.

Coinbase’s Strategic Expansion into Turkey

Coinbase’s license application in Turkey is part of a larger global strategy that emphasizes compliance and growth into new markets. This move, alongside their re-entry into Hawaii, highlights Coinbase’s commitment to regulatory alignment and international expansion. Although a comprehensive cryptocurrency law has yet to be enacted in Turkey, the steps being taken by Turkish authorities are watched closely by the industry. Statements from Finance Minister Mehmet Şimşek about an impending draft law further illustrate the serious approach being taken.

Conclusion

Turkey’s updated registry of cryptocurrency firms reinforces its standing as a significant player in the crypto market. The involvement of state banks and major global crypto exchanges signals Turkey’s rising prominence as an appealing crypto hub. Nonetheless, the stringent licensing process by the SPK emphasizes the need for companies to be thoroughly prepared. The evolving regulatory landscape and the performance of compliant firms will be pivotal in shaping the future of Turkey’s cryptocurrency market.