TURKEY Law and Practice Contributed by: Caghan Tansel, TANSEL
Grandfathering and Transitional Operation Because the licensing requirements are new, Türkiye introduced transitional provisions for existing CASPs. Providers operating as of 2 July 2024 that wished to continue were required to submit the prescribed dec- laration and documents to the CMB by 2 August 2024; those wishing to exit could file a liquidation declara- tion instead. The CMB’s “Faaliyette Bulunanlar Lis- tesi” is only a temporary public-information list for entities that declared an intention to continue operat- ing, and the CMB expressly states that inclusion on the list does not mean the entity is authorised. Exist- ing providers relying on the transition must still apply for operating permission, comply with the CMB and MASAK framework, and remain subject to restrictions, deadlines and possible removal or enforcement if they fail to meet requirements. In March 2026, the CMB further extended certain deadlines for custody agree- ments and authorisation certificates, with new timing to be set once CMB-authorised custodians provide services to platforms on a widespread basis. 3.2 Set-Up Requirements To obtain authorisation as a CASP in Türkiye, an appli- cant must proceed through the CMB process under Communiqués III-35/B.1 and III-35/B.2. The applicant must generally be established as a Turkish joint-stock company, and have registered shares issued for cash, fully paid-up capital and shareholders/founders sat- isfying fit-and-proper conditions, with a transparent ownership structure and articles of association limited to CMB-authorised crypto-asset activities. The pro- cess is effectively two-stage: • the founders apply to the CMB for establishment permission with the articles and supporting docu- ments; and • after establishment permission, the provider must apply for an operating licence within six months, failing which the right to obtain the licence lapses unless the CMB grants an extension. Before granting operating permission, the CMB must be satisfied that the applicant has the required organi- sation, personnel, systems and controls, and it may request additional information, independent audit, rating or information-systems review, including with TÜBİTAK and other public bodies.
The substance requirements are significant. The provider must establish service units, internal audit, internal control and risk-management functions, writ- ten policies including conflict-of-interest procedures, complaint-handling mechanisms, price-surveillance systems for platforms, MKK technical integration, information-security infrastructure compliant with the CMB information-systems rules and TÜBİTAK infra- structure criteria, and custody/private-key infrastruc- ture where relevant. Senior management is also regulated: the general manager and deputy general managers must have at least seven years’ professional experience in financial markets, IT, information technologies or fintech; the general manager must be full-time, resident in Tür- kiye and employed exclusively for that role; and CMB approval is required for general manager and deputy general manager appointments. Personnel and man- agers must generally meet education and integrity standards, and the board must have at least three members, with a majority being four-year university graduates. Prudentially, platforms and custodians must meet min- imum capital, own-funds, capital-adequacy, liquidity and reporting requirements. For 2026, the minimum establishment capital has been updated to TRY250 million (approximately USD5.49 million as of May 2026) for crypto-asset platforms and TRY630 million (approximately USD13.82 million as of May 2026) for crypto-asset custody institutions, following the CMB’s annual revaluation of the monetary thresholds under Communiqué III-35/B.2. These amounts are capable of being re-determined by the CMB by reference to the annual revaluation rate. Own funds must not fall below the applicable mini- mum capital, platforms must satisfy a capital-ade- quacy base requirement linked to risk exposure and recent operating expenses, total liabilities may not exceed three times the capital-adequacy base, and platforms must keep customer crypto-assets mainly with authorised custodians, subject to custody limits and a liquid-reserve obligation. Banks wishing to provide crypto-asset custody are subject to modified requirements and also need the
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