Turkey is one of the world's most active crypto markets, with an estimated 15-20 million users. For foreign entrepreneurs, this creates a significant opportunity — but also a demanding regulatory environment. Establishing a crypto asset service provider (CASP) in Turkey is fundamentally different from setting up an ordinary company. This guide explains, in practical terms, what a foreign founder needs to know in 2026.
Important: This article is for general information only and does not constitute legal advice. Crypto regulation in Turkey is detailed and evolving; obtain current expert advice for your specific project. The transitional licensing deadline of 30 June 2026 is approaching.
The first distinction a foreign founder must understand is what kind of crypto business they intend to run:
Under Turkey's Foreign Direct Investment Law, foreign investors generally have the same rights as Turkish citizens and can be sole or majority shareholders of an ordinary company. However, for a licensed CASP, the regulatory reality is more restrictive.
Critical point for foreign founders: Industry commentary indicates that for licensed crypto activity, the regulator expects substantial local presence and Turkish shareholder involvement in ownership and decision-making. Foreign founders should not assume they can fully own and control a licensed Turkish exchange in the way they might in other jurisdictions. This must be assessed carefully before structuring.
A licensed CASP must meet strict requirements that differ sharply from an ordinary LLC:
Much of the ordinary formation process can be handled remotely via a Power of Attorney (PoA). However, CASP structuring requires careful planning of shareholding and governance from the outset.
Incorporation as a joint stock company through MERSİS registration, trade registry filing and tax registration. An ordinary company can be operational within days, but a CASP requires the additional licensing layer.
A comprehensive programme covering risk assessment, KYC/KYB procedures, suspicious transaction reporting and the appointment of a compliance officer must be established before the licence application.
The process typically involves a preliminary establishment permit followed by a full operating licence. With a complete file, review takes several months. The SPK applies continuous supervision, including custody reconciliation and cold-wallet ratio reporting.
One of the most underestimated obstacles for foreign crypto founders is opening a corporate bank account. Turkish banks remain cautious about crypto businesses due to AML concerns. A strong compliance narrative, demonstrable AML/KYC systems and transparent reporting are essential. Some founders find participation (Islamic) banks more open to crypto relationships.
Practical tip: Establishing the company is often easier than opening its bank account. Plan the banking relationship — and the compliance story you will present — alongside incorporation, not afterwards.
If you operate a foreign exchange and wish to serve Turkish residents, note that the SPK regime has extraterritorial reach. Opening a Turkish office, running a Turkish-language website, or promoting services to Turkish residents are considered activities requiring a Turkish permit. Purely offshore platforms accessed spontaneously by individuals — without local solicitation — may fall outside the SPK's territorial scope, but may still face MASAK obligations if handling Turkish-origin funds. This is a complex area requiring careful legal analysis.
At Koru Legal, we provide end-to-end legal support for foreign founders establishing crypto asset service providers (CASPs) in Turkey — from corporate structuring and CASP licensing to AML/MASAK compliance programmes. Get in touch to discuss your project.
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