Step-by-Step Procedures for Establishing a Crypto Company in Turkey

2.1 Corporate Form Selection

Crypto companies are generally established as joint stock companies (A.Ş.) or limited liability companies (Ltd. Şti.) according to the Turkish Commercial Code. For regulatory reasons, joint stock companies are often preferred, especially for larger platforms.

2.2 Drafting Articles of Association

The articles of association must specify:

• Main field of activity (e.g., “providing crypto asset services”)
• Capital structure and paid-in capital (minimum capital for A.Ş. is TRY 250,000)
• Shareholder structure
• Management board and signature authorities
• Company address and duration

2.3 Application for Company Name and Registration

• Check the availability of the proposed company name with the Trade Registry.
• Reserve the company name.
• Prepare all incorporation documents: notarized articles of association, shareholders’ resolutions, proof of paid-in capital, lease agreement for office address, and director appointment documents.

2.4 Company Registration with the Trade Registry

• Submit incorporation documents to the local Trade Registry Office.
• The registry will issue the company’s legal entity status and trade registration number.

2.5 Tax and Social Security Registration

• Obtain a tax number and register with the local tax office.
• Register for Social Security Institution (SGK) for employee hiring.

2.6 Opening a Corporate Bank Account

• Open a corporate bank account in Turkey in the name of the company.
• Deposit the minimum capital.

2.7 Notification to MASAK and Other Authorities

• For crypto service providers (exchanges, wallets, etc.), notification to MASAK is mandatory prior to the commencement of business.
• Complete the MASAK registration forms and submit supporting documentation (company articles, shareholder information, compliance officer appointment, etc.).
• Assign a Compliance Officer (“Uyum Görevlisi”) responsible for AML/CTF compliance.

2.8 Employment and Contracts

• Hire personnel, especially a compliance officer with relevant training.
• Draft standard user agreements, privacy policies, and terms of service for clients.
• Prepare agreements with banking partners and payment institutions.

2.9 IT Infrastructure and Cybersecurity

• Implement robust cybersecurity measures, especially for exchanges and wallet services.
• Compliance with the Law on the Protection of Personal Data (KVKK/GDPR equivalent) is required.

2.10 Launch of Services

• After obtaining all regulatory notifications and implementing compliance measures, the company can begin offering crypto-related services.