Turkey ranks among the top countries in the world in terms of trading volume of cryptocurrencies and products based on cryptocurrencies. The Law on licensing and regulating the activities of cryptoasset service providers (cryptocurrency exchanges) in Turkey and related sub-regulations are expected to be enacted soon. The licensing of cryptoasset service providers and the supervision of their activities are to be conducted by the Capital Markets Board.

The licensing process of financial institutions in Turkey is subject to highly detailed regulations. Similarly, cryptocurrency service providers planning to be operational in Turkey will be subject to strict regulations. Due to the risks and uncertainties regarding cryptoassets, it is anticipated that services related to cryptoassets will be provided under fully compliant joint stock companies that have sound corporate and financial structure.

In license applications, it is necessary to fulfill all the conditions specified in the legislation which entail preparing detailed documents regarding the company, corporate governance, financial structure, information systems, partners and managers. The fulfillment of all the requirements set by the legislation and the preparation of a complete application file are fundamental for the conclusion of a swift and successful license application.

It is of particular importance for the prestige (and survival) of the cryptoasset service providers that are currently operating to become fully compliant with the regulations and apply for a license as soon as possible.

Our consulting team, comprising senior experts with outstanding sector experience, has full grasp of licensing stages and is ready to assist you throughout the whole journey of a successful and prompt licensing.  Below are the main licensing services we offer:

• Preparation of the articles of association of the company in accordance with the regulations
• Creation of corporate governance structure
• Determining the duties and responsibilities of the units in the organizational chart
• Preparation of policy, plan, procedure etc. specified in the regulations and/or revision of existing documents
• Preparation and control of information and documents regarding the company, its partners and managers
• Creation of workflow charts
• Preparation of all necessary board resolutions during the license application process.
• Establishment of information systems/technology infrastructure in accordance with the legislation
• Preparation of policies, plans, procedures and other documents related to information systems and/or revision of existing documents
• Consulting on the establishment of accounting and reporting system and providing related documentation
• Preparation of user contracts, employment contracts and other necessary contracts
• Preparation of policies, procedures, notifications related to the protection and confidentiality of personal data
• Preparation of the license application file
• Filing the license application
• Providing the necessary support for the preparation of all kinds of additional information and documents to be requested by the authority during the evaluation process of the license application