The Turkish cryptocurrency market is undergoing significant changes as major players like Coinbase, KuCoin, and Gate.io apply for licences under the updated regulatory framework set by Turkey's Capital Markets Board (CMB). Initially, 47 companies had applied by August 9, but this number has since grown to 76. This surge highlights Turkey's growing role as a key hub for crypto activities in the region.Despite being included in the “List of Those in Operation,” these companies still need formal approval from the CMB, which will depend on further regulations. Turkey’s regulatory environment remains in transition, but the introduction of a new law in July 2024 provides a framework for crypto asset service providers to operate legally.Turkey is now ranked as the fourth-largest crypto market globally, with a trading volume of around $170 billion. The influx of licence applications demonstrates the optimism of the industry, given Turkey's strategic position in the global crypto landscape​.