You can see the rules and regulations in other jurisdictions.
If a company is not governed by Turkish law, then it cannot obtain a license to provide financial services in Turkey; however, with the adoption of the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers, fintech companies are now allowed to cooperate with foreign institutions when providing financial services.1
CBRT requires fintech companies to incorporate and be licensed in their local Turkish jurisdiction. The requirement also applies to companies that provide cross-border services and products, and whether the products are actively marketed or the client in the jurisdiction solicits the service or product is irrelevant.1
The Regulation outlines the rules governing the cooperation of payment and e-money institutions with legal entities based abroad. When engaging in such cooperation, the foreign legal entity needs to have both authorisation from the CBRT as well as a relevant licence from its home country. Furthermore, the institution cannot present itself to customers as solely responsible for services provided in line with said cooperation. Institutions remain responsible for any services given out to domestic customers whilst in partnership with a foreign legal entity.1
MASAK Regulation deems branches, agencies, representatives, commercial proxies and similar affiliated units liable for crypto money service providers headquartered abroad.1
Foreign ownership of companies is not restricted under Turkish Direct Foreign Investment Law (Law No. 4875) and Law No. 5411. On the contrary, direct foreign investments are promoted by Law No. 4875.1
