Crypto-asset service providers (CASPs), exchanges, custodians, wallet providers, and broker-dealers, operate under one of the most rapidly evolving regulatory environments globally. Vircon Legal advises crypto operators preparing for Turkish CASP licensing, EU MiCA registration, and US state-level compliance, from pre-license structuring through operational audit readiness.
Crypto licence in Türkiye (CASP): requirements, process and timeline
Crypto-asset service providers were brought within Capital Markets Law No. 6362 by Law No. 7518, published in the Official Gazette of 2 July 2024 (No. 32590). Under the Law, a crypto-asset service provider means platforms, institutions providing crypto-asset custody services and other institutions designated by Capital Markets Board (CMB) regulations (Art. 3(1)(cc)). A platform is an institution carrying out one or more of the purchase and sale, initial sale or distribution, exchange or transfer of crypto assets and the custody these require (Art. 3(1)(dd)). Establishing such an institution and starting operations both require CMB permission (Art. 35/B(1)).
The implementing rules followed in the Official Gazette of 13 March 2025 (No. 32840), in two communiqués that should be read together:
- III-35/B.1: Communiqué on the Establishment and Operating Principles of Crypto-Asset Service Providers
- III-35/B.2: Communiqué on the Working Procedures and Principles and Capital Adequacy of Crypto-Asset Service Providers
Establishment conditions
To obtain permission the company must be a joint stock company (anonim şirket), all of its shares must be registered and issued for cash, its capital must be paid in full in cash and its objects must be limited to the activities it is authorised for (III-35/B.1 Art. 5). Founders and shareholders must not be bankrupt, must have no convictions for listed offences and no trading ban, and must have the necessary financial strength and reputation; direct or indirect holders of 10% or more are subject to the same conditions (Art. 6). The trade name must include “kripto varlık alım satım platformu” for platforms and “kripto varlık saklama kuruluşu” for custodians (Art. 7).
Two-stage permission: establishment, then operations
Establishment permission comes first; a provider that does not apply for its operating permission within six months of establishment permission loses the right to obtain it, a period the CMB may extend up to one year in total (III-35/B.1 Art. 17(1)). Operating permission requires the minimum capital to be paid in full in cash, capital adequacy obligations to be met, the organisational and personnel requirements to be satisfied, a security infrastructure compliant with the Communiqué on Information Systems Management (VII-128.10) and the TÜBİTAK infrastructure criteria, internal audit, internal control and risk management functions, and completed integration tests with the Central Registry Agency (MKK) (Art. 9). The general manager and deputies need at least seven years of professional experience in financial markets, information processing, information technology or financial technology, and the general manager must be resident in Türkiye and employed full time (Art. 14). Banks applying to offer crypto-asset custody need a favourable preliminary opinion from the BRSA (BDDK) (Art. 9(6)).
Capital thresholds (2026)
Minimum establishment capital is set in Article 34 of III-35/B.2 and may be revalued by the CMB each year in line with the revaluation rate (Art. 53). The amounts originally set at TRY 150,000,000 for platforms and TRY 500,000,000 for custodians were updated for 2026 by CMB Bulletin 2025/68:
- Platforms: TRY 250,000,000
- Custodians: TRY 630,000,000
- Equity may not fall below establishment capital, and at least 25% of it must be provided as paid-in or issued capital as of the sixth month of each year (Art. 35(1) and 35(2)).
- Custodians must hold additional equity of 1.5% of client assets above TRY 1,250,000,000 for 2026; no additional equity is required once equity reaches TRY 1,900,000,000 (Art. 35(4), 2026 amounts).
These figures are floors for admission, not a working capital plan. A realistic application models the capital the business will need through its first supervised year, not the minimum that gets the file accepted.
Foreign platforms and unlicensed activity
Activity by platforms established abroad directed at persons resident in Türkiye counts as unlicensed crypto-asset service provision. Any one of opening a workplace in Türkiye, running a Turkish-language website, or promoting and marketing the services directly or through persons or institutions resident in Türkiye is enough for the activity to be treated as directed at Türkiye (Art. 99/A(1)). Individuals carrying on unlicensed activity, and the officers of legal entities that do so, face three to five years’ imprisonment and a judicial fine of five thousand to ten thousand days (Art. 109/A).
The transition window has closed
Providers already operating when the Law took effect had one month, until 2 August 2024, to declare either that they would apply for permission or that they would decide to wind down within three months. Providers established abroad had to end activities directed at persons resident in Türkiye within three months of entry into force, that is by 2 October 2024 (Law No. 6362, Provisional Art. 11).
For anyone planning to enter today the consequence is straightforward: authorisation is obtained before activity begins, and there is no grandfathering route left open.
After the licence
Share transfers require CMB permission, and transfers made without it cannot be entered in the share register (Art. 35/B(1)). Amendments to the articles of association and the appointment of the general manager and deputies require the CMB’s favourable opinion (III-35/B.1 Art. 8(3) and 14(4)). Platforms must maintain a written listing and delisting procedure, and identifying customers under Law No. 5549 and related legislation is a statutory duty (Art. 35/C). Anti-money-laundering obligations run under the MASAK regime.
Frequently asked questions
What is a CASP in Türkiye?
A crypto-asset service provider (CASP, KVHS in Turkish) means crypto-asset platforms such as exchanges, institutions providing crypto-asset custody and other institutions designated by Capital Markets Board regulations (Law No. 6362, Art. 3(1)(cc)). Establishing one and starting operations both require CMB permission (Art. 35/B(1)).
Can a foreign crypto exchange serve Turkish users without a licence?
No. Activity directed at persons resident in Türkiye counts as unlicensed crypto-asset service provision; a Turkish-language website or promotion and marketing in Türkiye are among the circumstances that trigger this (Law No. 6362, Art. 99/A).
What is the minimum capital for a crypto platform in 2026?
Under CMB Bulletin 2025/68, TRY 250,000,000 for platforms and TRY 630,000,000 for custodians for 2026, paid in full in cash.
How long is there between establishment permission and the operating permission application?
The application for operating permission must be filed within six months of establishment permission, or the right to obtain it lapses; the CMB may extend the period up to one year in total (III-35/B.1 Art. 17(1)).
Are anti-money-laundering obligations part of the CMB file?
Customer identification is also a duty under Article 35/C of Law No. 6362, but the anti-money-laundering programme is built separately under Law No. 5549 and MASAK regulations.
This summary reflects the position as at October 2026 and is general information, not legal advice. Because the amounts may be reset every year, confirm the current text before acting.
Our CASP and crypto compliance practice covers:
- Turkish CASP licensing. Application strategy, qualification analysis, capital adequacy planning, governance structure, and submission management with the Turkish Capital Markets Board.
- Cross-border structuring. Multi-entity architectures spanning Türkiye, EU MiCA jurisdictions, US states, and offshore CASP-friendly jurisdictions: integrated with our fund structuring and M&A practices.
- AML / KYC and Travel Rule. Onboarding flows, transaction monitoring frameworks, suspicious activity reporting, and FATF Travel Rule compliance.
- Custody and asset segregation. Hot/cold wallet policy design, insurance arrangements, segregation of customer assets, and proof-of-reserves frameworks.
- Token launch and offering. SAFT structures, token classification analysis, sale documentation, and post-launch compliance: see also our Capital Markets practice.
- Smart contract and DAO governance. Legal wrappers for DAOs, smart contract audit coordination, and on-chain governance documentation.
- Stablecoin operations. Reserve attestation, redemption mechanics, and multi-jurisdictional issuance compliance.
- Regulator engagement and enforcement defense. Pre-application meetings, response to information requests, and enforcement proceeding defense.
For operators preparing their own initial license assessment, our CASP License Obligation Checklist walks through the key compliance pillars. We work with crypto-native startups, traditional financial institutions expanding into digital assets, and infrastructure providers building the backbone of the next-generation financial system.
Founder Academy resources
Free, practical checklists for this area: CASP License Checklist and the Payment & E-Money Licence Checklist. For the wider regulatory map, see our Fintech & Payments Law page.
Sources. Regulation (EU) 2023/1114 (MiCA), Capital Markets Law No. 6362 and Law No. 5549 on the Prevention of Laundering Proceeds of Crime. Statute links open the official consolidated Turkish texts on mevzuat.gov.tr.
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The team you will work with in this area
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