The cryptocurrency sector in Turkey started to gain lots of investors interested in virtual money for business. The registration of a cryptocurrency company in Turkey is simple and can be handled by our specialists.
Cryptocurrencies in Turkey
The term cryptocurrency
is rather new, as it has entered international financial markets in the past few years. Also, the legality of selling or using cryptocurrency
is regulated by each country. In Turkey
, the use of cryptocurrencies
falls under the supervision of the Central Bank of Turkey. It should be noted that Turkey
is now considering cryptocurrencies as forms of payment
Opening a cryptocurrency company in Turkey
is not subject to any special requirements, however the conditions imposed by the Commercial Law
must be complied with upon the registration of the business with the local authorities. Our Turkish company formation agents
can help those interested in setting up a cryptocurrency business
with the preparation of the paperwork related to the registration of the company. Let's review some of the formalities:
- • The registration of the company starts with the Turkish Trade Register.
- • The Articles of Association are the main documents of the cryptocurrency business, with information about the owners, activities, regulations, etc.
- • One must obtain the exchange license in Turkey before activating with a cryptocurrency company.
Once the exchange license is obtained, the cryptocurrency company
can commence the operations on the market. If you would like to start such a business in Turkey
you should follow the regulations of the National Bank of Turkey, as the institution supervises the financial activities in this country.
You can opt for payroll in Turkey if you have a company registered in this country and if you want to align with the legislation in force. Before the payment of salaries, the related taxes will be calculated and paid. Then follows the actual distribution of the money in the employees' accounts, but not before the company's managers give their consent on some documents. There are many aspects to discuss in this direction, therefore we recommend you to contact us if you are interested.
Selling and buying cryptocurrencies in Turkey
It should be noted that the sale and purchase of cryptocurrency
in Turkey can only be completed through bank transfers which must be supervised by the Central Bank of Turkey. Also, Turkish e-commerce companies
have the possibility of including the use of virtual money for their clients.
Anti-money laundering regulations in Turkey
Because the virtual currency market is vulnerable to financial fraud, each country has adopted a system of laws to protect such activities. This is also the case in Turkey, which has implemented Law No. 4208 Prevention of Money Laundering, which mentions a number of provisions regarding the control and protection of virtual currency in this country. Cryptocurrency companies must comply with this legislation and respect confidential data as well as the way in which transactions are made in virtual currency.
The Financial Investigative Unit and the Financial Crimes Investigation Board (MASAK) are the authorities that analyze and control the virtual currency market in Turkey. They are also the ones who can report and investigate money laundering cases in this field. There are a number of things that cryptocurrency companies need to consider if they are to operate in the Turkish market. These include:
- Complete data about the company's customers are required.
- Any suspicious transaction must be reported.
- Audits in Turkey and regular reporting are required.
- Risk management procedures must be implemented in the company.
- Documentation retention is required.
Companies that do not comply with the above rules are subject to penalties and may even lose their exchange license in Turkey. We invite you to discuss more about how to open a cryptocurrency company in Turkey with our local agents with experience in this field.
How is cryptocurrency in Turkey levied?
What is important to note is that the virtual currency market in Turkey is not subject to taxation. However, there are a number of laws under debate on this issue, regarding the tax for the sale and purchase of cryptocurrency, in addition to the 20% corporate tax rate to be paid by companies of any kind in Turkey.
Why invest in Turkey
Turkey is among the countries with consistent investment return potential. The country is on the list of those who want to invest and enjoy adequate profits, in sectors such as tourism, manufacturing, energy, agriculture, and many more. As the cryptocurrency market continues to grow in Turkey, this sector is attracting the attention of local and foreign investors who want to carry out such activities and benefit from business security and protection. Here are some statistics
about cryptocurrency evolution in the past few years:
- There are currently over 300 million virtual currency users in the world.
- Data for February 2021 and October 2021 show that Bitcoin has increased its value by 66%.
- 88% of the total market value is represented by the top 10 cryptocurrencies.
- In January 2021, the confidence in virtual currencies was 100%.
- There are currently more than 12,000 virtual currencies, according to the same statistics.