What is a CASP?
Crypto-Asset Service Provider (CASP) is the regulatory designation used under EU MiCA (Regulation (EU) 2023/1114) and adopted in adapted form by Türkiye’s 7518 sayılı Kanun (2024) for entities offering crypto-asset services. CASP covers a broad set of activities: custody, exchange, execution of orders, placement, reception/transmission of orders, advice, portfolio management, and transfer services for crypto-assets.
EU MiCA CASP authorisation
- Single authorisation: CASP authorisation in one EU Member State passports across the entire EU.
- Capital requirements: EUR 50,000 to EUR 150,000 minimum capital depending on services offered.
- Governance: fit-and-proper, conflict-of-interest policies, complaint handling, IT/cyber requirements.
- Conduct rules: client classification, suitability, best execution, transparency.
Turkish CASP regime (7518 sayılı Kanun)
The 2024 Turkish Crypto Asset Service Provider Law requires CASPs to obtain SPK (Capital Markets Board) authorisation. Initial framework requires capital requirements, qualifications for executives and shareholders, custody segregation, customer information obligations, advertising restrictions, and ongoing reporting. SPK secondary regulations published in subsequent communiqués provide operational detail.
Cross-jurisdictional implications
- EU MiCA CASP can market into Türkiye only via Turkish entity with SPK authorisation.
- Turkish CASP serving EU customers may need MiCA CASP authorisation (reverse solicitation exception narrow).
- Custody segregation, customer fund protection (segregation), and resolution planning are common cross-jurisdictional themes.
Do: map your service portfolio against CASP activity categories; engage with SPK and EU NCAs early; budget 6-18 months for authorisation.
Don’t: rely on grey-zone operation or offshore licensing — both EU and Turkish supervisors are scaling enforcement against unauthorised CASPs.