What Is Crypto Asset Service Provider (CASP)?
Also known as: CASP, Crypto-Asset Service Provider, Crypto Asset Platform, KVHS
In short
A crypto asset service provider (CASP) is an entity that offers services such as crypto asset trading, custody and transfer; in Turkey, under provisions added to the Capital Markets Law by Law No. 7518, such entities require authorization from the Capital Markets Board (SPK).
Law No. 7518, which entered into force in 2024, added provisions on crypto assets to the Capital Markets Law No. 6362. Accordingly, crypto asset service providers consist of crypto asset trading platforms, entities that offer crypto asset custody services, and other entities determined by legislation. These entities must obtain authorization from the SPK to operate; the board has the authority to supervise them and to impose sanctions when necessary.
The regulation imposes obligations on CASPs regarding capital adequacy, protection of customer assets, information systems security, corporate governance and qualified personnel. CASPs are also obliged to MASAK (Turkey's Financial Crimes Investigation Board) under legislation on preventing the laundering of proceeds of crime and the financing of terrorism; they must verify their customers' identities (KYC) and report suspicious transactions. The law also provides for criminal sanctions for those operating without authorization.
Investors can check a platform's authorization status from the lists published on the SPK's website. In the European Union, similar entities under MiCA are called CASPs (crypto-asset service providers) and obtain licenses from national competent authorities.
Last updated: · This content is for information purposes only and is not investment advice.