Turkey
TurkeyA huge retail crypto market moves into licensing: 43 platforms await CMB permits while 56 others wind down, and crypto payments stay banned.
Licences
What it takes to operate in Turkey: 2 licences, who issues each, what it covers and who holds one.
Crypto asset trading platform (Kripto Varlık Alım Satım Platformu) operating permit
CMB · Capital Markets Law No. 6362 Art. 35/B (as amended by Law 7518); Communiqués III-35/B.1 and III-35/B.2
Buying, selling, initial sale or distribution, exchange and transfer of crypto assets for clients; 43 platforms operate on the transitional list pending authorisation.
What it takes
- Two stages: an establishment permit, then an operating permit within six months (up to one year with extension)
- Joint stock company with registered shares, solely in crypto services, with minimum capital of TRY 250 million in 2026
- Information systems certified against TÜBİTAK criteria, plus independent and proof-of-reserves audits
- Client crypto assets held with a CMB-authorised custodian under a signed custody contract
- Full MASAK AML/CFT compliance, including travel rule data and withdrawal holds
Crypto asset custodian (Kripto Varlık Saklama Kuruluşu) operating permit
CMB · Capital Markets Law No. 6362 Art. 35/B (as amended by Law 7518); Communiqués III-35/B.1 and III-35/B.2
Safekeeping of clients' crypto assets and the private keys that control them, on behalf of trading platforms and their clients.
What it takes
- Banks or dedicated custody companies meeting CMB fitness and organisation rules
- Minimum capital of TRY 630 million in 2026, plus 1.5% additional equity once client assets exceed TRY 1.25 billion
- Segregated client assets and cold and hot wallet controls under TÜBİTAK criteria
- Independent audit and MASAK AML/CFT compliance
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