The National Bank of Turkey has strict guidelines when adopting cryptocurrency as a legal means of payment. However, the new business holders do not necessarily need any bindings except for company formation in Turkey. An experienced and expert legal consulting firm can help you in this regard if you want to establish a cryptocurrency company. 

 What Do You Mean By Cryptocurrency?

A cryptocurrency is a virtual currency that pays and digitally transacts cash without any physical money. It also refers to the electronic cash method in the form of Bitcoin. Turkey has a low-scale virtual currency rate, for investors must identify its potential. 

Any local or foreign investors must register themselves first with the trade register. Even though cryptocurrency indicates a legal payment form, the Turkish government does not allow complete reimbursement. 

 People To Use Cryptocurrency In Turkey

From bar owners to e-commerce business establishments, people in Turkey can use Bitcoin as a legal payment option. However, one must know that every trade in Turkey using Bitcoin must submit a specific fee. That is why go through all the terms and conditions minutely before you go ahead with company registration in Turkey.

The steps involved in cryptocurrency company establishment in Turkey. Although cryptocurrency is a legal mode of payment adopted by Turkey recently, a foreign investor must go by the following steps:

  • In compliance with the Turkish National Bank’s policy
  • Identify the practical volume of exchange
  • Establish an alliance with a local bank that approves Bitcoin currency
  • Obtain a protected method of currency exchange
  • Provide a consumer support system
  • Create and propose an application that can verify every Bitcoin transaction for customers

To get more details on the matter, a week the advice of FO Consultancy. They will deal with everything associated with your dream company in Turkey.