Open a Cryptocurrency Company in Turkey
Open a Cryptocurrency Company in TurkeyUpdated on Saturday 15th December 2018
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Cryptocurrency has been recently adopted in Turkey and represents a legal method of payment under a strict control of the National Bank of Turkey. Young businessmen willing to open a cryptocurrency company in Turkey do not need to consider particular conditions, except the ones imposed for setting up any kind of company in the country. For complete assistance when registering a cryptocurrency business, we recommend you ask for advice and legal help from our lawyers in Turkey.
The meaning of cryptocurrency in Turkey
Cryptocurrency is a digital or virtual currency, a form of payment without using cash. It is also known as an electronic cash system which uses the Bitcoin, the first decentralized cryptocurrency that appeared in 2009 and patented by Satoshi Nakamoto, a Japanese developer. Turkey also adopted this virtual currency but on a low scale, which is why entrepreneurs should search this field and develop its potential. Foreign or local businessmen interested in opening a cryptocurrency company in Turkey must register the firm with the Trade Register, a matter where our Turkish lawyers can help with drafting the documents. It is good to know that even if the cryptocurrency represents a legal form of payment, Turkey does not agree with this type of reimbursement.
Who can use cryptocurrency in Turkey?
The Bitcoin payment services can be adopted by e-commerce businesses or by retail companies with establishments in Turkey. Even bars or restaurants in Turkey have the possibility of adopting the Bitcoin as a legal type of payment. One should know that every Bitcoin trade in Turkey is subject to a particular fee, which is why all terms and conditions should be understood as soon as you decide for this kind of business in Turkey.
Main steps when setting up a cryptocurrency company in Turkey
Even though the cryptocurrency in Turkey has been adopted recently as an alternative method of payment, foreign entrepreneurs can establish such kind of companies, where a few essential steps need to be considered, like:
• comply with the rules and regulations of the Turkish National Bank;
• determine the effective scope of the exchange;
• set up a partnership with a local bank that accepts Bitcoin currency;
• adopt a secure method of currency exchange;
• provide customer support;
• develop and offer applications where customers can see and verify each Bitcoin transaction.
Please consider that if you want to open a cryptocurrency company in Turkey, legal assistance can be provided by our Turkish lawyers. We invite you to contact our law firm in Turkey for comprehensive information in this matter.