Double Turkish FinTech Regulations are in effect. Indeed the Communiqué on the Principles on the Establishment and Activities of Crypto Asset Service Providers numbered III-35/B.1 (hereinafter as the Communiqué III-35/B.1) and the Communiqué on Operational Procedures and Capital Adequacy of Crypto Asset Service Providers numbered III-35/B.2 (hereinafter as the III-35/B.2) (for both "Twin Communiqués) was published by the Capital Markets Board of Türkiye in the Official Gazette dated 13 March 2025 and numbered 32840. Significant articles were accepted and adopted for the way forward about the field of FinTech.
Concerning more discussion about how the FinTech operates in Turkey, take a look at our practice area: FinTech
Introduction
Double FinTech Regulations are applicable in Turkey in the field of FinTech. Indeed the Communiqué III-35/B.1 and the Communiqué III-35/B.2 were circuited in the Official Gazette dated 13 March 2025 and numbered 32840 and entered into force. The present article will present key insights into core revisions by double-sided Regulations in Turkey.
Developments in Turn for Crypto Assets
In Türkiye, fast steps have been taken by Turkish national authorities for the area of FinTech. There is no doubt that the Capital Markets Board of Türkiye has been at the heart of all developments during that period of time. In terms of crypto service providers, it is made mandatory to obtain a permission from the Board for the establishment and operation of crypto service providers. It is also important to underline that the Capital Markets Board is the fundamental authority to grant licensing not only for the establishment but also for operation. Moreover, a wide margin of appreciation and authority was also granted to the Turkish Capital Markets Board for the enforcement of criminal and administrative sanctions.
It is worth remembering before properly analyzing Twin Communiqués.
After the establishment of the digital participation banking system, the digital wallets were recognized by the Regulation of the Central Bank of the Republic of Türkiye. In this way, a Digital Wallet Era in Turkey started. Later, the 2024 New Electronic Submission System for Turkish Capital Markets was instituted by the Capital Markets Board of Türkiye.
Türkiye revised the Capital Markets Law Numbered 6362 through the Law numbered 7518, mostly known as Turkish Crypto Law, for the compliance with the Financial Task Force standards and principles designed for the prevention of money laundering and terrorist financing following its publication in the Official Gazette dated July 2, 2024.
Take a look at our up-to-date article on the 2024 FATF Decision on Turkey
The decision on the 2024 Announcement for the Rejected Crypto Asset Platforms was made by the Board dated 23 August 2024. The Resolution by Turkish Capital Markets dated 19 September 2024 was published particularly in relation to the legal status of NFTs and P2Ps in Turkey.
Numerous websites were blocked by the Board on the grounds of violation of norms concerned. According to the Board, those responsible were engaging in unauthorized crypto asset service providing activities and|or making leveraged transactions abroad online. Take a look at such developments to our Article on New Sanctions by Capital Markets Board of Türkiye on Crypto Service Providers
Minimum threshold of 15.000 TRY for Mandatory Crypto User Identification in Turkey was also instituted as of February 25, 2024.
Twin Communiqués on the Principles on the Establishment and Activities of Crypto Asset Service Provider and Operational Procedures and Capital Adequacy of Crypto Asset Service
came into force on 13 March 2025.
What are Twin Regulations on FinTech?
The Turkish Crypto Law numbered 7518, amending the Capital Markets Law Numbered 6362, introduced important revisions as of July 2, 2024. Crypto asset service platforms became a part of the regulatory structure under the umbrella of the Capital Markets Board.
As a part of the secondary steps, the Twin Regulations were circulated in the Official Gazette and entered into force on 13 March 2025. The legal framework for the establishment and capital adequacy of crypto asset providers is identified properly.
Establishment procedures of crypto asset service providers
For the establishment of a crypto asset service provider, founders should apply to the Board under Article 8 with the articles of association that they will prepare in accordance with the establishment conditions and documents showing that they meet the conditions stipulated in Article 6.
Article 5 of the Communiqué III-35/B.1 articulates the formation conditions of crypto service providers:
a) They must be established as a joint stock company,
b) All of their shares must be registered,
c) Their shares must be issued in cash,
ç) Their establishment capital must not be less than the amount to be determined by the Board, provided that it is not less than the minimum capital amount stipulated in accordance with the Board's regulations regarding the capital adequacy of crypto asset service providers, all of their capital must be paid in cash and their equity capital must not be less than this amount,
d) Their articles of association must comply with the provisions of the Law and relevant regulations and their business subjects must be determined as the performance of activities exclusively authorized by the Board,
e) Their founders must meet the conditions specified in the Law and relevant regulations,
f) Their partnership structure must be transparent and open
For the operational level, crypto service providers should also obtain permission from the Board by meeting a set of conditions.
The Communiqué III-35/B.2 regulates services and activities of crypto asset service providers as follows:
- Receiving and executing orders related to crypto assets, clearing and settlement, transferring crypto assets, and providing the necessary custody services related thereto,
- Acting as an intermediary in the initial sale or distribution of crypto assets,
- Providing custody or management services for crypto assets or the private keys related to such assets, as well as other custody services to be determined by the Board.
- Providing investment advisory services related to crypto assets.
- Carrying out other services and activities as may be determined by the Board.
Conclusion
Having regard to the above, the possible implications of double Turkish FinTech regulations should be analyzed thoroughly by all legal practitioners and investors. The Board is mandated with core powers for supervising and monitoring all procedures including the establishment of crypto assets service providers and their operations as well as their financial responsibilities for paid capital obligations. The Board every day took a new decision to navigate the Turkish FinTech environment.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
