CASP Licensing

CASP (Crypto) License in Türkiye

Obtaining a CASP license in Türkiye

The regulatory framework governing crypto-asset service providers in Türkiye (“KVHS” — internationally referred to as CASPs) was brought directly within the scope of capital markets legislation through statutory amendments enacted in 2024, two years prior to MiCA. Türkiye entered the licensing phase earlier than Europe.

Through Law No. 7518, which amended Capital Markets Law No. 6362, crypto-asset service providers were explicitly defined, and their activities were made subject to authorization and supervision by the Capital Markets Board of Türkiye (“CMB”).

Accordingly, in Türkiye, companies wishing to:

• Operate a crypto-asset trading platform
• Provide order transmission and execution services
• Provide crypto-asset custody services
• Offer transfer or intermediary services

are required to obtain an operating license from the CMB.

As GlobalB Law, closely involved in the development of crypto regulation in Türkiye and recognized as a leading legal team in the sector, we manage the CASP licensing process not merely as a technical filing, but as a strategic institutional structuring project.

1. Structure of the CASP regulatory framework in Türkiye

In Türkiye, crypto-asset service providers are subject to the following regulatory framework:

• Capital Markets Law
• CMB regulations regarding Crypto-Asset Service Providers
• Relevant secondary legislation and board resolutions
• MASAK (AML/CFT) legislation
• KVKK (Personal Data Protection Law)
• Turkish Commercial Code and Code of Obligations
• Competition Law

The new system mirrors a MiCA-like structure, imposing high standards in capital adequacy, governance, operational risk, information systems, and investor protection.

2. Scope of license

The principal activities requiring a CMB license include:

• Operation of crypto-asset trading platforms
• Provision of crypto-asset custody services
• Transfer and intermediary services
• Other crypto services defined by the CMB

The scope of activities directly impacts capital requirements and organizational structure.

3. Core requirements for a CASP license in Türkiye

1. Minimum paid-in capital

The minimum capital requirement determined by the CMB must be satisfied. Capital levels vary depending on the type of services provided.

2. Corporate governance and organization

• Qualified board structure
• Internal control system
• Risk management unit
• Compliance department
• Segregation of duties principle

3. AML / CFT compliance system

• Risk-based customer acceptance policy
• Transaction monitoring and suspicious transaction reporting
• Appointment of a compliance officer
• Training and internal audit mechanisms

4. Information systems and cybersecurity

• CMB-compliant IT infrastructure
• Data hosting obligations in Türkiye
• Business continuity and disaster recovery plans
• Independent IT audit

5. Protection of investor assets

• Segregation of client assets
• Custody mechanism
• Transparent fee structure
• Clear and unambiguous user agreements

4. Types of licenses

1. Platform License
For crypto-asset trading platforms.

2. Custody Institution License
For activities involving the custody of client crypto assets.

5. CMB application process

Grandfathering regime and two-stage licensing system for new applicants

The regulatory regime for crypto-asset service providers in Türkiye was fundamentally restructured following amendments to the Capital Markets Law No. 6362 introduced by Law No. 7518.

Two separate categories emerged in this transformation process:

1. Companies operating prior to the regulation (Grandfathering Regime)
2. New companies to be established and applying after the CMB secondary regulations dated March 13, 2025

The legal framework for both processes is explained below.

Two-stage licensing system for newly established companies

Following the secondary regulations published by the CMB on March 13, 2025, a two-stage authorization system was introduced for newly established and newly applying companies.

1. Establishment authorization (pre-authorization phase)

New crypto-asset service providers cannot obtain a direct license. The first phase is the Establishment Authorization.

Key elements of the establishment authorization application

At the application stage:

• The company may not yet have fully paid its capital.
• A draft Articles of Association may be submitted.
• A board structure consisting of at least three members must be envisaged.
• The scope of planned activities must be described in detail.
• An organizational chart and business model must be presented.
• Shareholding structure and ultimate beneficial ownership information must be disclosed.
• Board members’ resumes (criminal records, diploma copies, CVs) and fit-and-proper declarations must be submitted.

At this stage, the CMB evaluates:

• The financial strength of the founding shareholders
• The competence of the management team
• The legal compliance of the planned business model
• The potential for integration into the capital markets system

Granting establishment authorization does not confer the right to commence operations.

2. Operational authorization (operating license)

After obtaining establishment authorization, the second stage begins: Operational Authorization.

Timeline

From the date establishment authorization is granted:

• An operational license application must be submitted within 6 months.
• This period may be extended for an additional 6 months upon request.

Failure to apply within the prescribed period may render the establishment authorization void.

Main requirements for operational authorization

Pursuant to the secondary regulations, the operational authorization application must include:

1. Fulfillment of capital requirement

• The minimum paid-in capital requirement must be satisfied.
• Capital must be paid in cash and in full.

2. Organizational structure fully established

• Internal control system
• Risk management unit
• Compliance unit
• Information systems officer
• General management structure

3. Information systems and IT infrastructure

• Technical infrastructure compliant with CMB regulations
• Business continuity plan
• Backup systems
• Independent IT audit report
• MKK (Central Securities Depository) integration

4. AML / CFT compliance mechanism

• MASAK-compliant system
• Transaction monitoring software
• Appointment of compliance officer
• Suspicious transaction reporting infrastructure
• Travel Rule integration

5. Protection of client assets

• Segregation mechanism
• Custody model
• Operational control procedures

6. Independent audit and financial infrastructure

• Independent auditor agreement
• Financial adequacy documentation

At the operational authorization stage, the CMB conducts a detailed legal, technical, and financial review. Upon approval, the company acquires licensed status as a crypto-asset service provider.

Accordingly, for companies entering Türkiye, the process is structured similarly to European regulatory systems; however, the CMB has broad discretionary authority and conducts a file-based assessment.

Criterion	Establishment authorization	Operational authorization (license)
Legal nature	Preliminary approval	Final operating authorization
Right to operate	Does not grant operational rights	Grants licensed KVHS status
Application stage	During company formation	After establishment authorization
Timeline	Subject to CMB review	Must apply within 6 months from establishment authorization (extendable by +6 months upon request)
Capital	Full payment not mandatory	Minimum capital must be paid in cash and in full
Articles of Association	Draft AoA may be submitted	Final AoA must be registered
Board of Directors	At least 3-member structure envisaged	Board actively in office
Organization	Planned structure submitted	Internal control, risk, and compliance units must be established
AML/CFT	Draft system submitted	MASAK-compliant system must be active
IT infrastructure	Technical plan submitted	CMB-compliant system fully implemented and audit-ready
Outcome	Right to proceed to second stage	Licensed operational status

Timeline

Process	Average duration
Company incorporation	1–2 weeks
Establishment authorization preparation + review	3–5 months
Operational preparation period	6 months
Operational authorization review	2–4 months
Total	9–15 months (average)

Under the new regime, the licensing process:

• Is not merely company formation,
• Requires structuring equivalent to a capital markets institution,
• Necessitates integrated technical, financial, and legal compliance.

In particular:

• Proper structuring of the establishment authorization file,
• Designing a regulation-compliant business model,
• Effective management of the 6-month operational authorization period

are of critical importance.

The legal positions of companies under the grandfathering regime and newly applying companies differ, and strategy must be determined accordingly.

Advantages of a CASP license in Türkiye

• Credibility under CMB supervision
• Long-term regulatory certainty
• Institutional investor attractiveness
• Sustainable banking relationships
• Transparent and strong operational structure
• Future-ready regulatory framework
• Türkiye’s leading crypto market
• Direct access to the financial system
• Competitive advantage through licensed status
• Institutional investor-ready structure

Taxation framework

• Corporate income tax
• VAT applications
• Withholding tax obligations
• Transfer pricing
• Independent audit

Structuring depends on the business model.

Why work with GlobalB Law

1. Market-leading crypto regulatory expertise

GlobalB Law is one of the most recognized and active law firms in crypto regulation in Türkiye. We have been directly involved in the development and practical implementation of the CASP framework and represent major platforms operating in the sector.

2. End-to-end licensing & structuring capability

We manage the CASP process holistically — from incorporation and capital structuring to AML, IT compliance, governance, and CMB authorization. We do not treat licensing as a filing exercise, but as a full institutional build-out.

3. Integrated legal + technical approach

We work alongside technical, compliance, and financial teams to ensure alignment across IT infrastructure, MASAK compliance, risk management, and operational controls — minimizing regulatory friction during review.

4. Investor-focused strategic positioning

Our licensing strategy is designed not only for regulatory approval, but for long-term sustainability, institutional investor readiness, and strong banking relationships. We structure entities to operate credibly within Türkiye’s regulated financial ecosystem.

The difference of working with GlobalB Law

GlobalB Law is one of the most well-known and active legal teams in crypto regulation in Türkiye.

We:

• Represent major platforms operating in the crypto sector
• Analyze CMB and MASAK regulations at the implementation level
• Integrate IT and compliance projects with technical teams
• Structure the licensing process from an investor’s perspective

We approach the CASP license application as the creation of an investment-ready, institutional, and sustainable structure.

Premium CASP License Package

• Company incorporation and Articles of Association structuring
• Capital planning
• AML / Compliance system establishment
• Internal control and risk management documentation
• Legal compliance analysis of information systems
• User agreements and platform legal infrastructure
• Preparation of the CMB application file
• Management of correspondence with the CMB
• Strategic representation during the review process
• KVKK compliance project
• IT audit preparation
• MASAK process design
• Tax structuring consultancy
• Banking and custody institution relations
• HR-Payroll consultancy

A CASP license is not merely a permit. This process requires holistic structuring of capital, technology, compliance, and corporate governance. As GlobalB Law, we are ready to be your legal partner in building the strongest and most sustainable crypto structures in Türkiye.