Providing crypto asset services in Turkey now has a clear legal framework. Amendments to the Capital Markets Law through Law No. 7518 brought crypto asset service providers (CASPs) under SPK supervision. In this article, we explain step by step how to apply for a licence, what prerequisites must be met, and how to manage the process.
Note: This article is for general information purposes only. Please seek expert legal advice for your specific application process. We monitor regulatory changes continuously.
A Crypto Asset Service Provider (CASP) is a platform that intermediates the buying, selling, custody or transfer of crypto assets. Crypto exchanges, OTC desks and crypto asset custody service providers all fall within this scope.
The amendments introduced by Law No. 7518 entered into force on 2 July 2024. Existing platforms were given a transitional period; all newly established platforms must obtain SPK approval before commencing operations.
For an SPK application, the company must be a Turkish joint stock company and its articles of association must cover CASP activities. Additional requirements may apply to structures with foreign shareholders.
A comprehensive AML/CTF compliance programme must be established before the application. This programme must cover risk assessment, KYC/KYB procedures, a suspicious transaction reporting mechanism and appointment of a compliance officer.
The SPK requires detailed technical documentation relating to the platform infrastructure. Cybersecurity policies, cold/hot wallet management procedures and business continuity plans are among the documents required.
All documents are prepared in the format specified by the SPK and compiled into an application file. Incomplete or incorrect documents can delay the process significantly; the file should therefore be prepared with legal counsel.
The SPK reviews the application and may request additional information and documents. The review period depends on the completeness of the application.
Warning: Operating as a CASP without a licence may result in administrative and criminal sanctions. Existing platforms must not miss the transitional period deadline.
Where documents are complete and accurate, the application process may take several months. Deficiencies or requests for additional information will extend the timeline. It is therefore critical to start the process early and seek legal advice.
At Koru Legal, we provide end-to-end legal support for crypto asset platform licensing. We manage the full process — from AML programme design to application file preparation and SPK meetings.
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