Obtaining a CASP licence in Türkiye
The regulatory framework for crypto-asset service providers in Türkiye (“KVHS”, or CASPs in international terminology) was brought directly within capital markets law by statutory amendments made in 2024, two years before MiCA. Türkiye began its licensing process earlier than Europe.
As a result of the amendments made to Capital Markets Law No. 6362 by Law No. 7518, crypto-asset service providers have been expressly defined, and their activities have been made subject to the authorisation and supervision of the Capital Markets Board of Türkiye (CMB, SPK).
Accordingly, in Türkiye, companies wishing to:
· operate a crypto-asset trading platform,
· provide order transmission and execution services,
· provide crypto-asset custody services, or
· provide transfer or intermediation services
must obtain an operating authorisation from the CMB.
At GlobalB Law, as the sector's leading legal team, having closely followed the development of crypto regulation in Türkiye, we manage the CASP licensing process not merely as a technical application but as a strategic corporate structuring project.
Structure of CASP regulation in Türkiye
Crypto-asset service providers in Türkiye are subject to the following regulatory framework:
Capital Markets Law
The CMB's regulations on crypto-asset service providers
Related secondary legislation and principle decisions
AML/CFT legislation of the Financial Crimes Investigation Board (MASAK)
Law No. 6698 on the Protection of Personal Data (KVKK)
Turkish Commercial Code, Code of Obligations
Competition law
The new system, structured along MiCA-like lines, sets high standards in the areas of capital, governance, operational risk, information systems and investor protection.
Scope of the licence
The main activities requiring a CMB licence are:
Operating a crypto-asset trading platform
Crypto-asset custody services
Transfer and intermediation services
Other crypto services defined by the CMB
The scope of activities directly affects the capital requirement and the organisational structure.
Core requirements for a CASP licence in Türkiye
1. Minimum paid-in capital
The minimum capital requirement set by the CMB must be met. The required level of capital varies according to the type of service offered.
2. Corporate governance and organisation
A qualified board of directors
An internal control system
A risk management unit
A compliance department
The principle of segregation of duties
3. AML/CFT compliance system
A 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 fees
Clear and plain user agreements
Types of licence
Platform licence
For crypto-asset trading platforms.
Custodian licence
For activities relating to the custody of clients' crypto assets.
CMB application process
Transitional regime (grandfathering) and the two-stage licensing system for new applications
The regulatory regime for crypto-asset service providers in Türkiye was fundamentally restructured following the amendments made to Capital Markets Law No. 6362 by Law No. 7518.
Two distinct categories have emerged from this transformation:
Companies operating before the regulation (transitional regime / grandfathering)
New companies to be established and to apply after the CMB's secondary legislation of 13 March 2025
The legal framework for each of these processes is explained below.
Transitional process (grandfathering regime)
A transitional mechanism has been provided for crypto-asset service providers that were operating in Türkiye before the date on which the statutory amendments entered into force.
Under this mechanism:
companies that applied to the CMB and submitted a declaration of activity
have been included in the “list of those in operation” (faaliyette bulunanlar listesi) published by the CMB.
This list is publicly available:https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/faaliyette-bulunanlar-listesi
Companies on the list operate under temporary operating status until a final licence is granted.
Features of the transitional process
These companies are assessed under the “grandfathering” regime.
The final licensing process is expected to be completed by June 2026.
During this process, the CMB requires technical, financial and organisational compliance to be completed.
Temporary operating status does not mean an automatic licence; a final eligibility assessment will be carried out.
For this reason, companies under the transitional regime must also fully complete their capital, organisational and information systems compliance.
Two-stage licensing system for newly established companies
The secondary legislation published by the CMB on 13 March 2025 introduced a two-stage authorisation system for newly established companies and new applicants.
1. Establishment permit (pre-authorisation phase)
Newly established crypto-asset service providers cannot obtain a licence directly. The first stage is the “establishment permit”.
Key elements of the establishment permit application
At the application stage:
The company may not yet have paid in its capital.
A draft articles of association may be submitted.
A board of directors of at least 3 members must be provided for.
The scope of the planned activities must be described in detail.
An organisation chart and business model must be submitted.
The shareholding structure and ultimate beneficial owner information must be declared.
The background documents of the board members (criminal record certificates, copies of diplomas, CVs) and their declarations of eligibility must be submitted.
At this stage, the CMB assesses the company's:
founding shareholders' financial strength,
management team's competence,
planned business model's lawfulness, and
potential for compliance with the capital markets system.
The grant of an establishment permit does not yet confer the right to commence operations.
2. Operating permit (operating authorisation / licence)
Once the establishment permit has been obtained, the second stage follows: the operating permit.
Timing
From the grant of the establishment permit:
an application for the operating permit must be made within 6 months.
This period may be extended by a further 6 months on request.
If no application is made within the period, the establishment permit may become void.
Main requirements for the operating permit
Under the secondary legislation, the operating permit application requires:
1. Fulfilment of the capital requirement
The minimum paid-in capital requirement must have been met.
The capital must have been paid in cash and in full.
2. Establishment of the organisational structure
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 system
Independent IT audit report
MKK (Central Securities Depository of Türkiye) integration
4. AML/CFT compliance mechanism
MASAK compliance system
Transaction monitoring software
Appointment of a 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
Engagement agreement with an independent auditor
Financial adequacy documents
At the operating permit stage, the CMB examines the file in detail from a legal, technical and financial perspective. With the grant of the operating permit, the company acquires the status of a licensed crypto-asset service provider. Accordingly, for new entrants in Türkiye, the process is structured similarly to the European regulatory system; however, the CMB has broad discretion and assesses each file individually.
Criterion
ESTABLISHMENT PERMIT
OPERATING PERMIT (LICENCE)
Legal nature
Preliminary authorisation
Final operating authorisation
Right to operate
Not conferred
Confers licensed KVHS (CASP) status
Application stage
While the company is being established
After the establishment permit
Timing
Depends on CMB review
Application within 6 months of the establishment permit (extension of a further 6 months possible on request)
Capital
Full payment not required
Minimum capital must be paid in cash and in full
Articles of association
Draft articles of association (AoA) may be submitted
Final AoA must have been registered
Board of directors
A board of at least 3 members is provided for
The board is actually in office
Organisation
Planned structure is submitted
Internal control, risk and compliance units must have been established
AML/CFT
Draft system is submitted
MASAK compliance system must be active
IT infrastructure
Technical plan is submitted
CMB-compliant system must be installed and ready for audit
Outcome
Right to proceed to the second stage
Right to carry on licensed activities
Process
Average duration
Company incorporation
1–2 weeks
Establishment permit preparation + review
3–5 months
Operational preparation period
6 months
Operating permit review
2–4 months
Total
9–15 months (average)
Under the new regime, the licensing process:
is not merely a company incorporation process,
requires a structure equivalent to a capital markets institution, and
requires technical, financial and legal compliance to be managed in an integrated manner.
In particular:
structuring the establishment permit file correctly,
designing the business model in line with the regulation, and
managing the 6-month operating permit period effectively
are of critical importance.
The legal positions of companies under the grandfathering regime and of new applicants differ, and strategy should be determined accordingly.
The difference in working with GlobalB Law
GlobalB Law is one of the best-known and most active legal teams in the field of crypto regulation in Türkiye.
We:
represent major platforms operating in the crypto sector
analyse CMB and MASAK regulations at the level of implementation
run IT and compliance projects in an integrated manner together with technical teams
structure the licensing process from an investor's perspective
We approach the CASP licence application as a process of building an investment-ready, institutional and sustainable structure.
Scope of our services:
Premium CASP Licence Package (we provide full support from A to Z)
Company incorporation and structuring of the articles of association
Capital planning
Setting up the AML/compliance system
Internal control and risk management documentation
Legal compliance analysis of information systems
User agreements and the platform's legal infrastructure
Preparation of the CMB application file
Handling correspondence with the CMB
Strategic representation during the review process
KVKK compliance project
IT audit preparation
MASAK process design
Tax structuring advice
Relationships with banks and custodians
Human resources support
Advantages of a CASP licence in Türkiye
Credibility under CMB supervision
Long-term regulatory certainty
Attractiveness to institutional investors
Sustainable relationships with banks (account opening at 25 banks)
Transparent and robust operational structure
A structure ready for future regulation
Türkiye's leading crypto market
Direct access to the financial system
Licensed status providing a competitive advantage
A structure open to institutional investors
Tax framework
Corporate income tax
VAT practice
Withholding tax obligations
Transfer pricing
Independent audit
Structuring is required according to the business model.
Frequently asked questions
Can a company with foreign shareholders obtain a licence? Yes, a joint-stock company (A.Ş.) with foreign shareholders can be established in Türkiye.
Is the licence of unlimited duration? The operating authorisation is of unlimited duration; it is subject to regular supervision.
Must the IT infrastructure be located in Türkiye? There are certain data hosting obligations under CMB regulations.
Building a robust, regulation-compliant crypto structure in Türkiye
A CASP licence is not merely a permit. The process requires capital, technology, compliance and corporate governance to be structured holistically.
At GlobalB Law, we are ready to be your legal partner in building the strongest and most sustainable structures in the crypto sector in Türkiye.
Contact us now:
GlobalB Law
+905332118645 (WhatsApp)
02122588121