A Practical Overview of Crypto Asset Service Providers and Platforms in Türkiye
1. What Are Crypto Asset Service Providers?
As the crypto industry grows rapidly, Türkiye has introduced a clear framework for companies operating in this area. Crypto asset service providers include trading platforms, custody service providers, and other entities offering services related to digital assets.
To operate legally, these entities must obtain authorization from the Capital Markets Board of Türkiye (SPK). The SPK reviews applications, grants licenses to those meeting the required standards, and monitors compliance to protect market integrity. Entities that fail to meet the criteria may face suspension or removal.
2. Why Is Licensing Important?
The crypto market is more dynamic and volatile than traditional financial markets. A structured licensing system builds trust, protects investors, and ensures that only reliable institutions operate in the sector.
Each type of activity — such as trading, custody, or transfer — requires a separate license, allowing regulators to assess risks and technical capabilities individually. This tailored approach strengthens oversight and promotes market stability.
3. Legal Structure and Corporate Form
All crypto asset service providers are required to be structured as joint stock companies. This ensures a stronger corporate framework, clearer liability standards, and more effective supervision.
This requirement also boosts investor confidence, as joint stock companies must comply with stricter governance, financial transparency, and capital adequacy standards compared to informal or smaller business models.
4. The Role of Crypto Asset Platforms
Crypto asset platforms are the core operational hubs of the digital asset market. They allow users to buy and sell crypto assets, transfer funds, and use custody services.
Platforms must also be licensed by the SPK and established as joint stock companies. Their legal position is similar to brokerage firms in traditional finance, and they are subject to comparable supervision and compliance obligations.
5. Looking Ahead
The regulatory structure in Türkiye aligns closely with the EU’s MiCA Regulation, focusing on licensing, governance, and investor protection. Looking forward, allowing banks and brokerage firms to operate in the crypto market could further strengthen the sector by bringing in experienced, well-regulated players.
Such steps would enhance competition, increase market trust, and ensure a more resilient financial ecosystem for crypto assets in Türkiye.