Coinbase, KuCoin, Gate.io and several other small and large cryptocurrency brands are now seeking to obtain a business license in Turkey, according to an updated list published by Turkey’s Capital Markets Board.

Top companies aim for Turkish license

The list was first published on August 9 and contained 47 cryptocurrency company names. However, the list was later updated with more names, bringing the total to 76.

“The list published here has been prepared to inform the public about the organizations that have declared that they will operate in accordance with the Temporary Article 11 of the Capital Markets Law No. 6362 (Law),” a foreword to the list of named companies reads (translated from Turkish).

“In this context, the existence of the ‘List of those who operate’ does not mean that the organisations included on this list are authorised under the relevant legislation.”

No crypto-specific regulation

The names emerged as Turkey’s cryptocurrency regulations were in a state of flux. The industry is governed by existing market regulations, as there is no specific framework for crypto regulation in the country. In January, the country’s Minister of Finance and Treasury Mehmet Şimşek indicated that proposed crypto-specific legislation had been finalized; however, no draft has yet been unveiled.

Interestingly, Binance recently ceased all its marketing activities in the country, citing regulatory compliance. While Turkish customers still have access to the largest crypto exchange by trading volume, it has decided to gradually disable Turkish language options over the next three months.

Binance’s name also appears in the latest list of cryptocurrency companies published by the Capital Markets Board of Turkey. Other notable names include Bitfinex, Crypto.com and BitBNS.

Turkey has also seen a huge increase in demand for cryptocurrencies. The country ranks fourth in terms of trading volume, with $170 billion, behind only the United States, India and the United Kingdom.

The rise in demand for cryptocurrencies can be correlated with Turkey’s struggling economy. The value of the Turkish lira has fallen by more than 82 percent against the US dollar over the past five years, and is now at an all-time low.

This article was written by Arnab Shome on www.financemagnates.com.