How to Get a CASP License in Türkiye: Access a Thriving Crypto Market

Why Türkiye – Türkiye in Numbers

A Leading Crypto Market

• Ranked 4th Globally: Türkiye ranks among the top nations for crypto adoption and market activity.
• High Crypto Ownership: With 19.3% ownership, Türkiye has 16.5 million crypto users.

Strong Ecosystem

• Crypto Exchange Traffic: Türkiye records 215.8 million annual visits to crypto exchanges.
• Locations Accepting Bitcoin: 33 locations nationwide accept Bitcoin, promoting real-world crypto use cases.
• Blockchain Jobs: 169 blockchain-related jobs highlight the country’s growing talent pool and innovation.

Regulatory Preparedness

• Comprehensive Oversight: Managed by the Capital Markets Board (CMB), Türkiye enforces strict compliance standards for CASPs.
• First-Mover Advantage: Early applicants to the CASP licensing framework gain a competitive edge in a maturing market.

Economic and Population Advantages

• Large Population: Türkiye’s 85.8 million population provides businesses with a vast customer base.
• High GDP: With a GDP of $1.1 trillion, Türkiye offers significant economic opportunities for crypto businesses.

Education and Talent Development

• Blockchain-Focused Universities: 33 out of 209 universities offer blockchain-related courses, fueling the talent pipeline.
• Innovative Environment: 117 blockchain patents in 2023 showcase Türkiye’s commitment to technological advancement.

Sustainability and Energy Use

• Renewable Energy Rank: Ranked 5th globally for renewable energy use, Türkiye integrates sustainability into its digital economy.
• Bitcoin Mining Presence: Minimal at 0.05%, aligning with low-carbon goals.

Financial and Infrastructure Benefits

• Crypto Banks: Türkiye hosts one registered crypto bank, facilitating seamless crypto-to-fiat transactions.
• CBDC Innovation: Türkiye’s central bank is in the proof-of-concept stage for its CBDC.

Geographic and Strategic Importance

• Gateway to Europe and Asia: Türkiye’s unique geographic position enables easy expansion to multiple markets.

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Full-Service Solution – We Handle Every Steo

Fully Remote Process
Obtain your CASP license without ever traveling to Türkiye. We manage everything remotely, including documentation and regulatory compliance.

Efficient Licensing Timeline
Get a competitive edge by being an early entrant. Licensing takes 3–6 months with streamlined guidance from our team.

Comprehensive Compliance Solutions
Our services include AML/KYC frameworks, company incorporation, and local representation to meet Türkiye’s regulatory requirements.

Access to Türkiye’s Thriving Crypto Market
Ranked 4th globally in crypto adoption, Türkiye offers unparalleled opportunities with 19.3% of its population owning digital assets.

Trusted by Industry Leaders
Global companies rely on our expertise and in-depth local knowledge to navigate Türkiye’s regulatory landscape effectively.

Why Choose a CASP License in Türkiye?

Early Advantage

Türkiye’s licensing process is still in its early stages. Therefore, it is a good opportunity for businesses to establish themselves before stricter conditions potentially emerge. Early crypto license in Türkiye helps you secure market credibility for the long-term operational stability of your company.

Strategic Access

Türkiye is becoming a name in terms of crypto adoption globally. It has a large, active user base and a growing market demand. Furthermore, it bridges Europe, Asia, and the Middle East due to its geographical position, which could make Türkiye a strategic hub for regional expansion.

Regulatory Framework

Türkiye’s regulators such as the Capital Markets Board (CMB) and MASAK adopt a crypto-friendly approach. The licensing process is still developing, but there is relatively clear oversight of these institutions to make sure that there is a balance between innovation and compliance.

Local Adoption

There is growing demand for exchanges, custodians, and other service providers due to the high crypto usage among Türkiye citizens. A crypto license in Türkiye offers immediate access to this relatively well-informed and active crypto community.

Long-Term Compliance

Licensing in Türkiye makes sure that your company is compliant with local AML/CTF regulations and positions your business for future global regulatory developments. Therefore, a crypto license in Türkiye provides your business early presence that is flexible and adaptable to evolving rules.

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What You Get

We provide end-to-end support for obtaining your CASP license in Türkiye, Below is a list of the whole range of our licensing and compliance solutions:

• CASP Licensing
  • Full guidance on applying to the Capital Markets Board (CMB) for licensing.
  • Assistance with compiling and submitting the required application package, including AML/CTF measures to MASAK.
  • Local company incorporation and setup as a joint-stock company in compliance with Turkish regulations.
• Company Incorporation
  • Formation of a joint-stock company with a minimum paid-up capital of 50 million TRY.
  • Structuring the board of directors to meet the minimum requirement of three members.
  • Tailored support for drafting articles of association and cash capitalization.
• Regulatory Compliance
  • Development of AML and CTF frameworks aligned with MASAK requirements.
  • Liaison with TÜBİTAK for technical specifications as new requirements emerge.
  • Guidance on preparing for future audits and regulatory submissions.
• Banking and Financial Integration
  • Assistance with setting up corporate bank accounts in Türkiye.
  • Advisory on integrating fiat-to-crypto services, ensuring operational readiness for your business.
• Local Representation and Language Compliance
  • Dedicated support to ensure all website and mobile application content complies with Türkiye’s prohibition of using the Turkish language without a license.
  • Strategies to establish a credible local presence for enhanced market integration.
• Post Licensing Support
  • Ongoing compliance monitoring to meet regulatory obligations.
  • Regular updates and training on new technical and regulatory requirements from TÜBİTAK and MASAK.
• Strategic Market Entrance
  • Advisory on leveraging Türkiye’s geographic advantage for expansion into Europe, the Middle East, and Asia.
  • Market insights to align your business model with Türkiye’s crypto-friendly ecosystem.

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Your Journey to Regulation (Step-by-Step)

We make the CASP licensing journey easy for your business.

• Initial Consultation

Overview:

Begin with a free consultation to assess your goals and clarify the requirements for the CASP license in Türkiye.

Purpose:

We tailor our services to your business needs and provide expert insights into Türkiye’s regulatory landscape.

• Company Incorporation

Process:

Form a joint-stock company (JSC) with a minimum paid-up capital of 50 million TRY.

Draft and finalize articles of association and establish a compliant board of directors (minimum 3 members).

Ensure cash capitalization as per Turkish regulations.

Why It’s Important:

Proper incorporation lays the groundwork for your licensing application.

• Regulatory Documentation Preparation

Requirements:

AML/CTF framework compliant with MASAK standards.

Business plans and other documents required by the Capital Markets Board (CMB).

Translation of materials into Turkish as necessary for compliance.

What to Expect:

Our team compiles and verifies all required documents to avoid delays in submission.

• Licensing Application Submission

Process:

Submit your complete application package to the Capital Markets Board (CMB).

File AML/CTF measures with MASAK for additional regulatory approval.

Maintain ongoing communication with regulatory authorities to ensure timely processing.

Timeline:

The process varies but being an early entrant can expedite approval.

• Banking Setup Assistance

Steps:

Open corporate bank accounts to handle cash flow and operational needs.

Ensure all accounts meet compliance standards for crypto operations in Türkiye.

Why It’s Essential:

A functional banking setup is critical for smooth operations in the crypto ecosystem.

• Technical Compliance with TÜBİTAK

Requirements:

Monitor emerging technical guidelines issued by TÜBİTAK.

Align operations with new technical standards as they are introduced.

What We Do:

Our team keeps you updated on TÜBİTAK’s evolving requirements and ensures compliance.

• Local Presence and Language Compliance

Guidelines:

Establish a credible local presence as required by Turkish regulations.

Ensure your website and mobile applications comply with the prohibition of using Turkish without a license.

What to Expect:

We provide strategies and local representation solutions to meet these requirements.

• Post-Licensing Support

Ongoing Compliance:

Regular monitoring to meet MASAK and CMB regulations.

Advisory on adapting to future updates from TÜBİTAK or other regulators.

Why It Matters:

Ongoing compliance ensures your license remains valid and supports smooth operations.

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Frequently Asked Questions (FAQ)

What is a CASP license in Türkiye?

A CASP license allows crypto service providers to legally operate under Türkiye’s regulatory framework for digital assets.

Why should I obtain a CASP license in Türkiye?

A CASP license ensures compliance, avoids penalties, and enables crypto companies to serve Türkiye’s large and growing crypto market.

What are the capital requirements for a CASP license in Türkiye?

You need a minimum paid-up capital of 50 million TRY for company incorporation and licensing.

How long does it take to get a CASP license in Türkiye?

Timelines are uncertain, but early applicants have a better chance of expedited processing.

Do I need a local company in Türkiye?

Yes, you must establish a joint-stock company with at least three company board members in Türkiye.

Can foreign businesses apply for a CASP license in Türkiye?

Yes, but you must comply with local regulations, including establishing a local company and appointing directors.

Are there restrictions on using the Turkish language for business?

Yes, you cannot use Turkish on websites or apps without a license, or you risk penalties and access blocks.

What happens if I operate without a CASP license?

Operating without a license can result in blocked access to your services and severe financial penalties.

What are the AML/CTF requirements in Türkiye?

You must submit an AML/CTF compliance application to MASAK, Türkiye’s authority for anti-money laundering measures.

What role does TÜBİTAK play in the licensing process?

TÜBİTAK handles technical requirements for CASPs, but its guidelines are still evolving.

How can a CASP license help my business expand internationally?

A CASP license positions your company for growth and regulatory recognition in Türkiye’s crypto-friendly ecosystem.

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