The regulations for the cryptoasset sector in Turkey are becoming more detailed and mature every day. In addition to those who are already in operation and those who are waiting for the result of their application and are at the stage of applying for an operating license, it is necessary to mention the rules that are considered essential for Crypto Asset Service Providers (CASP) that are planned to be established in the upcoming period. In this guide, the steps and documents required to establish a new CASP are explained in detail.

1. Preparation of Application Petition for Establishment Permit

Companies wishing to establish a new CASP must first apply to the Capital Markets Board of Turkey with an official petition to obtain an establishment permit. The petition must be signed by at least two persons authorized to represent the company, and the petition must clearly state the request for an establishment permit.

2. Documents to be attached to the application petition

The following documents must be attached to the CASP establishment permit petition:

For Real Person Founders

• Rationale for establishment
• Draft articles of association
• Table showing the shareholding structure
• Notarized “Declaration Regarding Shareholders”
• Criminal record certificate or appropriate declaration
• Diploma sample from the last graduated school
• Photocopy of identity document (identity card/passport)
• Detailed CV
• Notarized undertaking that the capital source is legal
• Proof of no tax debt
• Bank account details
• Real estate deeds and annotation information, if any

For Legal Entity Founders

• Rationale for establishment
• Draft articles of association
• Table showing the shareholding structure
• Detailed documents related to the legal entity (trade registry, annual report, balance sheet, etc.)
• Documents showing the chain of partnership structures
• Notarized partnership resolutions
• Notarized undertaking that the capital source is legal
• Documents on tax status
• Documents about bank accounts
• Real estate deeds and annotation information, if any
• Detailed information on executives (criminal record, diploma, curriculum vitae)

3. Notarized Letter of Commitment

A notarized letter of undertaking must be submitted showing that the capital pledged in the establishment was obtained through legal means. This document is critical for incorporation procedures.

4. Additional Declarations and Notifications

In addition, notarized statements that the founders of the company are not affected by bankruptcy, concordat, or similar situations should be submitted. These statements document the financial soundness of the CASPs and the legal status of the founders.

5. Filing the Application Electronically

The application petition and all additional documents must be filled in electronically, signed with an e-signature, and submitted via the CMB’s e-application system. The application must be complete and accurate for the process to proceed quickly.

6. Communication and Information Sharing

The application should clearly indicate the names, phone numbers, and e-mail addresses of the contact persons. In addition, all documents must be signed by authorized persons and approved with the company seal.

You can access and download the 7 application forms published on the official website of the CMB from the attached link.

https://spk.gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar/basvuru-surecleri

Completing the application process completely and accurately plays an important role in the positive outcome of the CASPs establishment permit process. In this regard, considering that the legal and technical processes should be carried out meticulously, it will be useful to consult an expert opinion when necessary.