Introduction
Türkiye is not only a thriving local market for cryptocurrencies and blockchain, but also an emerging regional base for companies seeking to serve global clients. As entrepreneurs and investors look for scalable business models, a common question arises: Can a crypto company established in Türkiye legally and practically provide services to clients abroad?
This article answers that question in detail, covering legal, regulatory, operational, and tax issues for Turkish-based crypto startups and established firms with cross-border ambitions.
1. Legal Basis for Cross-Border Crypto Services from Türkiye
a) General Principle: Freedom of International Commerce
Under Turkish law, companies are generally free to engage in international business activities unless specifically restricted. The Turkish Commercial Code and relevant regulations allow local legal entities, including crypto companies, to contract with, provide services to, and receive funds from foreign clients.
b) Crypto-Specific Regulations and Gray Areas
- While Türkiye’s current crypto regulations do not expressly prohibit cross-border services, a lack of sector-specific law means practical risks and compliance expectations are high.
- Crypto asset service providers must still comply with all local obligations, even when dealing with global clients.
2. MASAK and AML/KYC Compliance for Global Clientele
a) Mandatory AML/KYC for All Clients
- Every client (local or foreign) must be onboarded with proper KYC, AML, and customer due diligence.
- For non-resident clients, this often means verifying international IDs, tax numbers, proof of address, and source of funds.
b) International Sanctions and Watchlists
- Turkish companies must screen all clients against global sanctions (UN, US, EU) and high-risk country lists.
- Serving clients from sanctioned jurisdictions (e.g., Iran, North Korea, some CIS or African nations) can expose the company to severe penalties and banking risks.
3. Taxation and Regulatory Reporting on Cross-Border Transactions
a) Taxation of Income from Global Clients
- Income earned from providing crypto services to foreign clients is generally subject to Turkish corporate tax (currently 25%), unless exempted under special regimes (e.g., Technology Development Zones).
- VAT (KDV) may be exempted if the services qualify as export of services—strict documentation is required.
b) Currency Controls and FX Regulations
- Türkiye no longer has strict capital controls, but cross-border payments and currency conversion must be documented and justified to Turkish banks.
- All foreign currency revenues must be declared and typically repatriated to a Turkish bank account.
4. Banking, Payments, and Receivables
a) Receiving International Payments
- Turkish banks may scrutinize inbound crypto-related payments from abroad.
- It is essential to provide banks with client contracts, invoices, and compliance documentation for each foreign transaction.
b) Bank Account Challenges
- Some banks may limit or decline international crypto flows due to AML risk—working with fintech-friendly banks and proactive compliance is key.
5. Data Protection, KVKK, and International Data Transfers
a) KVKK Obligations
- Turkish companies must comply with KVKK (Personal Data Protection Law) when handling the data of both local and international clients.
- Transfers of personal data outside Türkiye require either the client’s explicit consent or additional legal safeguards.
b) GDPR and Other Jurisdictions
- If serving EU clients, Turkish entities must also comply with GDPR.
- Local data localization requirements may apply for specific financial and identity data.
6. Licensing and Regulatory Risks
a) Upcoming Crypto Asset Law
- The forthcoming Crypto Asset Law may introduce explicit licensing and notification requirements for Turkish crypto companies serving international clients.
- Some jurisdictions require local licensing to offer services to their citizens (e.g., Germany, USA). Serving these clients from Türkiye without local approval may violate foreign law and risk enforcement.
b) Cross-Border Dispute Resolution
- International client contracts should specify governing law and dispute resolution (preferably arbitration or Turkish courts).
- Clear terms and robust documentation reduce legal risks in cross-border service disputes.
7. Practical Strategies for Turkish Crypto Companies Targeting Global Markets
a) Tailor Compliance to Each Target Market
- Research local regulations in each country you plan to serve.
- Avoid sanctioned or high-risk jurisdictions.
b) Invest in Multilingual Onboarding and Support
- Offer clear, compliant onboarding in major client languages (English, Arabic, Russian, etc.).
- Ensure your website and client communications meet international standards.
c) Structure Legal Entities for Scalability
- Consider setting up a holding company structure if targeting multiple regions.
- If international expansion is core to your business, consult with both Turkish and foreign legal advisors.
d) Robust Documentation and Transparency
- Keep full records of all cross-border contracts, payments, and compliance checks.
- Disclose cross-border business activity to banks, auditors, and authorities as required.
8. Key Risks and Pitfalls
- Bank account closures due to perceived AML violations
- Unintentional violation of foreign laws by offering services into restricted markets
- Double taxation or missed VAT exemptions due to poor documentation
- Client data privacy breaches in cross-border data flows
- Regulatory changes requiring sudden business model pivots
9. Recommendations for CEOs and Investors
- Proactively design compliance programs for cross-border operations
- Hire local and international legal advisors for key jurisdictions
- Maintain up-to-date KYC/AML systems and global sanctions screening
- Plan international expansion with tax efficiency and risk management in mind
- Be transparent with banking partners and authorities about cross-border business
10. Conclusion
A crypto company established in Türkiye can serve global clients; provided it embraces robust compliance, manages banking risks, meets tax obligations, and adapts to evolving international and Turkish laws.
Success lies in treating cross-border operations as both an opportunity and a challenge, with CEOs and investors staying alert, informed, and prepared for the complexities of the global crypto ecosystem.
Stj.Öğr.Esmanur AKTAŞ
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