Coinbase and KuCoin are among a new list of cryptocurrency companies and services seeking registration in Turkey.

The updated list of companies now includes Coinbase, KuCoin and Gate.io, with the number of organizations increasing from 47 to 76. As crypto.news highlighted last week, the original list included Binance, the world’s largest crypto exchange by trading volume, as well as top crypto exchanges Bitfinex and OKX.

Turkey is experiencing a growing crypto train

The news comes amid Turkey’s efforts to provide more regulatory clarity for crypto exchanges and other providers. The crypto industry has hailed this as a crucial and positive step that is now encouraging international digital asset platforms to enter the growing Turkish market.

According to a Chainalysis report published in September 2023, Turkey led the Middle East and North Africa region in terms of cryptocurrency value traded, with the United Arab Emirates and Saudi Arabia coming in second and third, respectively.

In addition to the top exchanges mentioned above, the list also includes BingX, Nexo, and Crypto.com. Local exchanges such as BtcTurk and Midas are also included.

Crypto regulation

According to an update from the Capital Markets Board, the list allows the public to obtain information on organizations that have expressed interest in licensing and plan to comply with Capital Markets Law No. 6362.

According to Turkey’s new regulatory guidelines, any crypto provider that wants to offer its services and products in the country must implement certain key measures. These include reporting crypto seizures and legal cooperation.

Due to regulation in different countries and jurisdictions, crypto exchanges have registered and approved or dropped out. In some cases, such as the European Union’s MiCA law, exchanges have decided to delist certain products to ensure compliance.