Applying for a crypto license in Turkey can be much easier with dedicated assistance in terms of formalities. As such, the registration of a cryptocurrency company in Turkey is simple and can be handled by our specialists. Our experts in setting up a company in Turkey can offer detailed information on how to start a business in the financial sector.
Conditions to open a crypto company in Turkey
In Turkey, the use of cryptocurrencies falls under the supervision of the Central Bank of Turkey. It should be noted that Turkey now considers cryptocurrencies as a form of payment. Opening a cryptocurrency company in Turkey is not subject to any special requirements; however, the conditions imposed by the Commercial Law must be complied with upon the registration of the business with the local authorities. Our Turkish company formation agents can help those interested in opening a crypto company in Turkey with the preparation of the paperwork related to the registration of the company. Let’s review some of the formalities:
- the registration of the company starts with the Turkish Trade Register;
- the Articles of Association are the main documents of the cryptocurrency business, with information about the owners, activities, regulations, etc.;
- one must obtain a Virtual Asset Service Provider (VASP) license in Turkey before starting the activities;
- next step implies opening a bank account in Turkey. Get in touch with us to open a crypto company in Turkey.
Once the Virtual Asset Service Provider (VASP) license in Turkey is obtained, the cryptocurrency company can commence operations on the market. If you would like to set up a company in Turkey and operate in the financial sector, you should follow the regulations of the National Bank of Turkey, as the institution supervises this field. Feel free to talk to us about company incorporation in Turkey.
How to obtain a Virtual Asset Service Provider (VASP) license in Turkey
A Virtual Asset Service Provider (VASP) license in Turkey can be obtained by considering the following aspects:
- Articles of Association and Certificate of Incorporation of the company in question are requested. These must include complete details about shareholders, regulations, policies, etc.;
- applicants must provide complete information about how to comply with the Anti-Money Laundering/Combating the Financing of Terrorism regulations in Turkey;
- the crypto company must be registered with the Financial Crimes Investigation Board, also calledMASAK in Turkey;
- specific forms must be completed with the future activities of the crypto company, transactions, protection of customers, financial risks, etc.
Obtaining a Virtual Asset Service Provider (VASP) license in Turkey also involves the presentation of an IT system & infrastructure linked to the business. These must be approved by the Scientific and Technological Research Council of Turkey. We invite you to collaborate with our Turkish agents and learn more about how to get a Virtual Asset Service Provider (VASP) license in Turkey.
Time frame to get a VASP license in Turkey
Normally, obtaining a Virtual Asset Service Provider (VASP) license in Turkey might take around 3-6 months, depending on the requests, documents, and formalities. In some cases, extra documentation might be solicited by the relevant authorities. However, specialized assistance is provided by our Turkish agents for obtaining a Virtual Asset Service Provider (VASP) licensein Turkey and avoiding possible complexities.
Selling and buying cryptocurrencies in Turkey
It should be noted that the sale and purchase of cryptocurrency in Turkey can only be completed through bank transfers which must be supervised by the Central Bank of Turkey. Also, Turkish e-commerce companies have the possibility of including the use of virtual money for their clients. Feel free to get in touch with our team if interested in company formation in Turkey and specifically the financial sector.
Anti-money laundering regulations in Turkey
Because the virtual currency market is vulnerable to financial fraud, each country has adopted a system of laws to protect against such activities. This is also the case in Turkey, which has implemented Law No. 4208, Prevention of Money Laundering, which mentions a number of provisions regarding the control and protection of virtual currency in this country. Opening a crypto company in Turkey involves complying with this legislation and respecting confidential data, as well as the way in which transactions are made in virtual currency.
The Financial Investigative Unit and the Financial Crimes Investigation Board (MASAK) are the authorities that analyze and control the virtual currency market in Turkey. They are also the ones who can report and investigate money laundering cases in this field. There are a number of things that crypto companies in Turkey need to consider if they are to operate on the market. These include:
- Complete data about the company’s customers is required.
- Any suspicious transaction must be reported.
- Audits in Turkey and regular reporting are required.
- Risk management procedures must be implemented in the company.
- Documentation retention is required.
Companies that do not comply with the above rules are subject to penalties and may even lose their crypto license in Turkey. We invite you to discuss more about how to open a cryptocurrency company in Turkey with our local agents with experience in this field.
New legislation concerning crypto companies in Turkey
In July 2024 came into effect the Law on Amendments to the Capital Markets which intends to clarify the way crypto asset service providers in Turkey can operate on the market. In a way, it can be said that this set of laws is actually an extension of the existing regulatory framework concerning cryptocurrency in Turkey. The way in which this law is applied comes under the attention of the Capital Markets Board of Turkey (CBM). Here are some of the provisions of the new legislation:
- Providers of crypto asset services in Turkey must first obtain approvals from the Capital Markets Board (SPK) before starting the activities.
- The Scientific and Technological Research Council of Turkey applies the criteria in matters of technological infrastructure for crypto companies in Turkey.
- The Capital Markets Law introduces the definitions of e-wallet, crypto assets, and crypto asset services provider.
Opening a company in Turkey undoubtedly implies compliance with current legislation and periodic changes. It is also valid in the case of the digital money sector, where specialized help is recommended for a Virtual Asset Service Provider (VASP) license in Turkey.
Penalties for not having a crypto license in Turkey
The new legislation also brings to the fore the penalties for those who do not respect it and do not operate where they have a Virtual Asset Service Provider (VASP) license in Turkey:
- Imprisonment from 3 to 5 years and judicial fines of 5,000-10,000 days apply for unlicensed crypto asset service providers.
- Imprisonment from 8 to 14 years and judicial fines of up to 5,000 days apply in the case of providers who use crypto assets for their benefit instead of the interest of the clients who assigned them.
Why invest in Turkey
Turkey is among the countries with consistent investment return potential. The country is on the list of those who want to invest and enjoy adequate profits, in sectors such as tourism, manufacturing, energy, agriculture, and many more. As the cryptocurrency market continues to grow in Turkey, this sector is attracting the attention of local and foreign investors who want to carry out such activities and benefit from business security and protection.
Statistics about cryptocurrency in Turkey
Here are some statistical details about the development and direction of cryptocurrency in Turkey, which will help you in the future when you want to set up a company in Turkey‘s digital currency field:
- It is expected that the total revenue of the cryptocurrency market in Turkey to reach around 2.2 billion in 2025.
- According to evaluations, the number of cryptocurrency users will reach more than 24 million in Turkey by the end of 2028.
In addition to assistance and support for obtaining a Virtual Asset Service Provider (VASP) license in Turkey, you can also benefit from other services. For example, our accountants in Turkey can offer you complete and personalized services depending on the business you want to open. Payroll services in Turkey are important for a company and can be offered by our experts. Therefore, do not hesitate to contact our agents in company incorporation in Turkey for more details and business-related matters.