CASP Authorisation in Turkey
Turkey is a local-market CASP route with no EU/EEA passporting. It fits teams targeting Turkish crypto asset services and able to support high capital, local substance and regulator-facing operations.
What is Turkey CASP authorisation?
Turkey CASP authorisation is a local crypto asset service provider route under the Turkish capital markets framework. It should be used for Turkey-facing regulated crypto asset services, not as an EU MiCA passporting substitute.
- Jurisdiction
- Turkey
- Regulator
- Sermaye Piyasası Kurulu
- Regime
- CASP
- Legal basis
- Legal basis: Turkish CMB/SPK crypto asset service provider framework.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Turkey CASP service scope
Define whether the project is an exchange, custody, wallet, brokerage or platform-style CASP before discussing timing or cost. Broad scope increases capital, governance, AML and technology burden.
Exchange
ConditionalExchange activity may require additional scope or separate licensing.
Exchange
Exchange activity may require additional scope or separate licensing.
ConditionalCustody
ConditionalCustody may require separate review or additional controls.
Custody
Custody may require separate review or additional controls.
ConditionalBrokerage
ConditionalBrokerage or OTC activity typically fits within scope.
Brokerage
Brokerage or OTC activity typically fits within scope.
ConditionalWallet provider
ConditionalExchange activity may require additional scope or separate licensing.
Wallet provider
Exchange activity may require additional scope or separate licensing.
ConditionalEU market
ExcludedEU passporting not available from this route.
EU market
EU passporting not available from this route.
ExcludedStartups
ExcludedHigh setup complexity means significant budget is needed.
Startups
High setup complexity means significant budget is needed.
Excluded
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Turkey local market access conditions
Turkey is primarily a local-market route. Market access should be tested against Turkish client targeting, regulator-facing operations, banking and local substance, not against EU passporting expectations.
Target market and Turkish client onboarding must be explicit.
Local staff, office, governance and audit expectations should be budgeted from the start.
No EU/EEA passporting should be implied from Turkey CASP authorisation.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Turkey CASP capital and governance profile
Turkey CASP is capital-heavy compared with many registration routes. A strong file documents capital adequacy, accountable management, local compliance and technology controls before submission.
- High capital requirement must match activity scope and operating risk.highHigh capital requirement must match activity scope and operating risk.high
- Local governance should identify accountable directors, compliance and operations owners.highLocal governance should identify accountable directors, compliance and operations owners.high
- Audit, AML, custody and technology controls need to be documented as operating obligations.highAudit, AML, custody and technology controls need to be documented as operating obligations.high
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Turkey CASP application bottlenecks
Typical blockers are not form-filling issues; they are capital, governance, custody, banking and scope problems that make the operating model hard to approve or maintain.
- High
Undercapitalised setup for the intended CASP activity
- High
Unclear distinction between Turkey-market operations and cross-border services
- High
Weak custody, client asset or technology controls
- High
Incomplete AML, sanctions and transaction monitoring framework
- High
Banking or PSP plan prepared after the application strategy
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Activity fit for this route
Review which crypto activities fit within the scope of this route.
Exchange activity may require additional scope or separate licensing.
Custody may require separate review or additional controls.
Brokerage or OTC activity typically fits within scope.
Exchange activity may require additional scope or separate licensing.
EU passporting not available from this route.
High setup complexity means significant budget is needed.
Not sure if your model fits? Request a licensing assessment
Is Turkey CASP authorisation right for your project?
Best for
- Turkey market entry and local CASP operations
Not suitable for
- Low-capital startups and EU passporting
- Projects without a prepared banking strategy
Banking difficulty is high for this route. Prepare a banking strategy before committing to the Turkey route.
Core requirements
Use this section to check the main regulatory and operational requirements before committing to a jurisdiction.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Local substance plan — Turkey
A credible local presence can be as important as the filing itself. Regulators, banks and payment providers may all review whether the company has real operating substance.
Local staff
RequiredRequired
At least one locally-accountable staff member or director is expected.
Physical office
RequiredRequired
A genuine office presence is expected, not a nominal registered address.
Audit
RequiredRequired
External audit is required for ongoing supervision compliance.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Cost breakdown
Budget for service price, regulatory fees, share capital and ongoing costs separately.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Cost breakdown — Turkey
Budget for service price, regulatory fees, share capital and ongoing costs separately.
| Cost item | Amount |
|---|---|
| Service priceApplication preparation and professional services. | €52,800 |
| Required share capitalMust be held, not an expenditure. | €1,300,000 |
Summary
- One-off costs
- €1,352,800
- Annual (year 1)
- €0
- Total year 1
- €1,352,800
Adjust to convert to your base currency.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Application process
The sequence below shows the usual project flow. Exact steps depend on the regulator, business model and application scope. Turkey — From 3 months.
Pre-assessment and scope review
1–3 weeksDefine the activity scope, governance model and target markets before formal preparation.
Company setup in Turkey
2–6 weeksEstablish legal entity, appoint local staff and set up local operating structure.
Documentation and compliance packBottleneck risk
3–8 weeksPrepare AML/CFT policies, governance documents, controls framework and application materials.
Application submission to Sermaye Piyasası Kurulu
1–2 weeksSubmit complete application with all required documentation.
Regulator reviewBottleneck risk
From 3 monthsRegulator reviews the application. May request clarifications. Incomplete files extend this phase.
Depends on: File quality and completeness
Authorisation or registration confirmation
1–4 weeksRegulator confirms authorisation or registration. Commence operations.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
What can delay or increase cost
These factors are most likely to affect timelines and budgets for this route.
Setup complexity is rated high for Turkey. Company setup, governance and documentation take longer than average.
Banking difficulty is rated high. Opening accounts for crypto businesses in Turkey requires extensive documentation.
Regulatory risk is rated high. Enforcement focus and compliance expectations are above average for Turkey.
Ongoing supervision, audit and compliance costs are above average. Budget for these separately from the application fee.
Incomplete files are the most common cause of delay. Regulator queries extend review by weeks or months.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Banking and PSP strategy in Turkey
Prepare a banking package before filing: ownership, source of funds, flow of funds, AML, custody and client geography.
Reflects how challenging it is to open and maintain business bank accounts in this jurisdiction.
Reflects availability of payment service providers willing to onboard crypto-licensed entities.
A licence or registration does not guarantee bank account or payment provider approval. Banking feasibility should be reviewed before the application strategy is finalized.
Preparation checklist
- Business model and transaction flow description
- AML/KYC and sanctions controls
- Expected fiat currencies and payment corridors
- Source of funds and source of wealth documentation
- Custody, token and counterparty policies where relevant
Business model fit — Turkey
Assess how well this route covers your planned activities.
Fit score
- Good fit
- 0/6
- Partial fit
- 5/6
- Poor fit
- 1/6
Turkey may not cover your primary activities
Consider an alternative route that better matches your activity profile.
CMB/SPK application profile
Sermaye Piyasası Kurulu
Turkey CASP is a serious local authorisation with meaningful setup complexity, regulatory risk and ongoing maintenance, not a fast registration.
Official regulator websiteModerate reputation; assess banking and partner acceptance case by case.
Reflects documentation depth, governance requirements and expected review friction.
Reflects likelihood of delays, additional information requests or policy uncertainty.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Compliance documentation
Most crypto licensing routes require a documented compliance framework before submission, not only after approval.
- RequiredAML/CFT policy and risk assessmentDocument your customer risk model and control framework.
- RequiredCustomer due diligence (CDD) procedures
- RequiredEnhanced due diligence (EDD) proceduresFor high-risk clients and jurisdictions.
- RequiredTransaction monitoring system and rules
- RequiredSanctions screening procedures
- RequiredSuspicious activity reporting (SAR) process
- RequiredMLRO / Compliance officer appointmentLocal accountability may be required.
- RecommendedBoard-approved governance charter
- ConditionalOutsourcing policy and monitoringRequired if functions are outsourced.
- RecommendedICT / cybersecurity policy
- RequiredComplaints handling procedure
- RequiredAnnual external audit engagementRequired for ongoing supervision compliance.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Documents to prepare
Preparing these materials before filing reduces regulator questions and helps with banking or payment provider onboarding.
Corporate documents
AML and compliance
Operational
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Risk assessment
Main risk dimensions for the Turkey route.
Route risk rating — regulatory risk: High. Weak compliance, vague scope or insufficient controls increase review risk.
Mitigation: Prepare an evidence-based compliance file before submission.
Route risk rating — banking difficulty: High. Authorisation does not guarantee bank account opening.
Mitigation: Start banking outreach and compliance preparation before the application.
Route risk rating — setup complexity: High.
Route risk rating — maintenance cost: Very high. Budget for ongoing compliance, fees and supervision separately.
Route risk rating — regulatory reputation: Medium.
This content is for general orientation only. Crypto regulation changes quickly and the final scope should be confirmed through a jurisdiction-specific legal review before filing or incorporation.
Turkey CASP vs alternatives
Compare Turkey with EU MiCA/CASP for passporting, Dubai VASP for UAE positioning, and DAB/VASP routes if the project is not Turkey-market led.
Turkey
CASP
- Price
- 52 800 EUR
- Timeline
- From 3 months
- Passporting
- No passporting
- Banking
- High
- Reputation
- Medium
Malta (MiCA)
MICA
- Price
- 20 700 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium
- Reputation
- High
+ EU/EEA passporting and CASP framework
− Requires EU nexus and MiCA-level file
View routeDubai (VASP)
VASP
- Price
- 22 300 EUR
- Timeline
- From 6 months
- Passporting
- No passporting
- Banking
- Medium
- Reputation
- High
+ Broader non-EU VASP route
− Not a Turkey local-market authorisation
View routeCanada (MSB)
MSB
- Price
- 20 600 EUR
- Timeline
- From 2 months
- Passporting
- No passporting
- Banking
- Medium
- Reputation
- High
+ Faster registration for MSB-style models
− Not enough for full exchange/custody scope
View routeFees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Turkey vs other CASP routes
Compare key parameters across CASP authorisation routes.
Check your readiness for Turkey CASP authorisation
Documented AML/CFT policies, risk assessment, compliance officer.
From 1 300 000 EUR minimum capital required.
Documented AML/CFT policies, risk assessment, compliance officer.
Board, management, accountability chain defined.
Banking strategy and identified partners.
Local staff and office in Turkey.
Readiness status
Answer the criteria on the left to see your readiness status.
Frequently asked questions
No. Turkey CASP does not provide EU/EEA passporting. EU/EEA market access should be reviewed through MiCA/CASP.
Usually no. Turkey CASP involves high capital, high setup complexity and very high maintenance cost, so it is a demanding route.
Check service scope, required capital, local office, local staff, governance, audit, banking and whether the business truly needs Turkey market entry.
Compare MiCA/CASP for EU access, Dubai VASP for UAE positioning, and other VASP/DAB routes for non-EU operations.
The page is not legal advice and should not be relied on as a substitute for advice from qualified counsel in the relevant jurisdiction.
Your dedicated specialists
Enrico
Rein
Jurata
Andrej
Marta
Katrin
Inga
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