The initial legal regulation on crypto assets, “Law No. 7518 on Amendments to the Capital Markets Law”, entered into force with the Official Gazette dated July 2, 2024 and numbered 32590, and it was stated that the details of the obligations to be imposed on Crypto Asset Service Providers would be made through secondary regulations.

The long-awaited secondary legal regulations on crypto assets, which are planned to be introduced by the Capital Markets Board (“Board”), were published in the Official Gazette dated 13.03.2025 and numbered 32840.

The Communiqué on the Establishment and Operating Principles of Crypto Asset Service Providers (“Communiqué on the Establishment and Operating Principles of CASP”) and the Communiqué on the Operating Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers (“Communiqué on the Operating Procedures and Principles of CASP”) in the Official Gazette regulated the procedures and principles regarding the establishment, operation, activities and termination of the activities of crypto asset service providers, the services and activities that crypto asset service providers can offer, the principles regarding them and the principles regarding capital adequacy.

So, what are the remarkable regulations?

  • Title of the Company

As regulated in the Communiqué on Establishment and Operating Principles of CASP, the phrase “crypto asset purchase and sale platform” should be included in the trade names of “platforms”, which refers to the institutions where one or more of the crypto asset trading, initial sale or distribution, exchange, transfer, custody and other transactions that may be determined, in order to indicate the services they will offer; and the phrase “crypto asset custody institution” should be included in the trade names of institutions that will only provide “crypto asset custody services” in order to indicate the services they will offer.

  • Capital Sufficiency

As regulated in the Communiqué on the Establishment and Operating Principles of CASP, crypto asset service providers must meet certain establishment conditions such as being established as a joint stock company, having registered shares and having the minimum capital amount determined by the Board in order to obtain approval for establishment from the CMB.

The minimum capital amounts regulated in the Communiqué on the Operating Procedures and Principles of CASP are as follows:

  • Minimum amount of the incorporation share capital of the platforms: 150,000,000 Turkish Lira
  • Minimum amount of the incorporation share capital of the custody institutions: 500,000,000 Turkish Lira
  • Establishment and Operating Conditions

Article 5 of the Communiqué on the Principles of Establishment and Operation of CASP, sets forth in detail the conditions that crypto asset service providers must have for their establishment. Furthermore, Article 9 of the relevant Communiqué regulates the general conditions for crypto asset service providers to obtain authorization from the Board to operate.

Accordingly, detailed regulations have been introduced on the organizational structure, the quality of employees and the establishment of internal audit, control and risk management functions of companies aiming to be crypto asset service providers.

  • Establishment and activity permit application terms

According to Article 17 of the Communiqué on Establishment and Operating Principles of CASP, crypto asset service providers deemed appropriate by the Board will be granted an authorization certificate indicating the services and activities that they can perform, and cannot commence operations without obtaining the authorization certificate.

  • The right to obtain an operating license of crypto asset service providers that do not apply for an operating license within six months after obtaining permission from the Board for establishment will be cancelled. The Board may extend this period, if deemed necessary, for a total period not exceeding one year.
  • The crypto asset service providers that do not apply to the Board for an operating license within the deadline or whose application for an operating license is not approved, are obliged to take a decision to terminate within three months at the latest from the date of notification of these issues, or to change the provisions regarding the trade name, purpose and fields of activity in their articles of association in a way that does not cover services related to crypto assets, and to submit the relevant Turkish Trade Registry Gazette to the Board within ten business days following the announcement.
  • As of 13 March 2025, the applications of platforms that are included in the Board’s **”List of Operators ’** or have applied before this date will be deemed valid and will be examined within the framework of the Communiqué on the Principles of Establishment and Operation of CASP, except for the capital requirement. However, these organizations must apply for an operating permit by 30/6/2025 by meeting the operating conditions determined by the Board.
  • Public Disclosure Platform (“PDP”) announcements

Crypto asset service providers will be obliged to present the services they are authorized for and company introductory information on PDP and their websites. Information introducing the company will at least consist of trade registry information, latest shareholding and management structure, telephone number, corporate address, e-mail address and annual reports.

  • Independent Audit

Crypto asset service providers are obliged to have an independent audit of information systems conducted at least once a year by signing a contract with an institution included in the list of independent auditors authorized to conduct independent audits of information systems on the Board’s website and submit it to the Board.

  • Notifications to be made to Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu Anonim Şirketi (Capital Markets Licensing Registry and Training Organization Inc.)

Crypto asset service providers are required to submit the following to the Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu Anonim Şirketi within the periods specified in the relevant communiqués:

  • the position and team of the manager and employee and the documents certifying that they meet the conditions stipulated in the Communiqué and their CV showing their detailed work experience, the resignation of the said manager and employee, change of title and service unit and any similar changes,
  • current signature circulars showing the authorized signatories and updated signature circulars in case of any change,
  • the lawsuits and proceedings brought against its partners, employees, customers and other real and legal persons, and the lawsuits and proceedings brought against them and their results,
  • Information on the audit firms to perform the independent audit of the financial reports and information systems selected by them within the scope of the Board’s regulations on independent audit, and the related changes.
  • Obligation to conclude a Framework Agreement
  • Platforms, before starting to perform transactions with their customers, must conclude a contract regarding the service to be provided in writing or by distance through the use of remote communication tools or by means of an information or electronic communication device, which the Board determines that the written form may be substituted, regardless of whether it is distance or not, and each customer with whom a framework contract is signed must be allocated a separate customer number.
  • Moreover, within the scope of the services they are authorized to provide; platforms are obliged to explain the general risks related to crypto assets to their customers together with the framework agreement to be signed with the customers, to obtain a written or electronic declaration together with the framework agreement to be signed with the customers that the risk notification form, the minimum content of which is determined by the Board for this purpose, has been read and understood, and to forward a copy of it to the customer or to provide the customer with information so that the form can be accessed and viewed electronically.