Crypto in Turkey: Is It Legal? Updated Rules and Regulations (2025)

Lately, Turkey has emerged as one of the world’s most influential players in the global cryptocurrency market.

Turkey boasts one of the highest cryptocurrency adoption rates worldwide, with crypto being among the most popular asset classes for investment. According to Statista, the percentage of people in Turkey who had heard of cryptocurrency or Bitcoin surged from 16% in 2020 to 70% in 2021. By 2023 and 2024, nearly all survey participants were familiar with the concept of Bitcoin or cryptocurrency.

In 2024, Turkey became the world’s fourth-largest cryptocurrency market. This widespread adoption was primarily driven by economic instability, high domestic inflation, and the depreciation of the Turkish lira.

With the domestic currency losing over 50% of its value against the USD, crypto surged as a store of value. Wider adoption, in turn, prompted regulators to balance the growing demand with increased oversight.

Let’s explore the latest developments in cryptocurrency regulations in Turkey and check out how crypto businesses can stay compliant with local laws.

Is crypto legal in Turkey?

As of 2025, cryptocurrencies are legal in Turkey under the newly established regulatory framework, though subject to strict compliance requirements.

At the same time, cryptocurrency is not legal tender in Turkey. The Central Bank of the Republic of Turkey (CBRT) explicitly prohibits its use as a payment method through the Central Bank’s Regulation that was published in the Official Gazette numbered 31456 on 16 April 2021.

Was crypto ever banned in Turkey?

Turkey has never fully banned cryptocurrencies, but has imposed targeted restrictions on their use. In April 2021, the CBRT prohibited the use of cryptocurrencies for goods and services, citing risks such as volatility, anonymity, and potential illegal activities. However, holding, trading, and exchanging crypto remained legal.

Platforms like Binance TR and OKX TR continued operating, with some even applying for licenses under Turkey’s 2024 regulatory framework. That year, Turkey introduced stricter regulations, requiring Crypto Asset Service Providers (CASPs) to obtain licenses.

Who’s the main regulator?

1. The Capital Markets Board (CMB). It’s the primary regulatory authority overseeing cryptocurrency activities in Turkey. The CMB is responsible for establishing regulatory measures, making decisions, and implementing sanctions related to crypto assets.
2. The Financial Crimes Investigation Board (MASAK). The MASAK plays a role in enforcing anti-money laundering (AML) regulations concerning cryptocurrencies.
3. The Scientific and Technological Research Council of Türkiye (TÜBİTAK). This institution focuses on technical compliance and infrastructure standards for CASPs.

What are the main regulations? (New crypto law in Turkey)

On March 13, 2025, the Turkish Capital Markets Board (CMB) issued new rules regarding the licensing and operational oversight of crypto asset service providers (CASPs) outlined in Communiqué No. III-35/B.1 and the Capital Markets Law and Communiqué No. III-35/B.2. 

The new regulations impose stricter oversight on platforms, custody services, and foreign providers, including:

• Licensing requirements for CASPs, including an updated approach for remote identification and verification
• Restrictions on foreign CASPs (reverse solicitation principle)
• Listing standards and operational guidelines for platforms
• Custody service limitations (banks and authorized institutions only)
• Capital adequacy requirements
• Integration with the Turkish Central Securities Depository

This framework grants the CMB full regulatory authority over crypto platforms, ensuring compliance with national and international standards.

Here are the key Turkey crypto laws as of 2025:

1. Sermaye Piyasası Kanunu (Capital Markets Law)
2. III-35/B.1 sayılı Kripto Varlık Hizmet Sağlayıcıların Kuruluş ve Faaliyet Esasları Hakkında Tebliğ (Communiqué No. III-35/B.1 on the Establishment and Operating Principles of Crypto Asset Service Providers)
3. III-35/B.2 sayılı Kripto Varlık Hizmet Sağlayıcıların Çalışma Usul ve Esasları ile Sermaye Yeterliliği Hakkında Tebliğ (Communiqué No. III-35/B.2 on the Working Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers)
4. Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine Dair Tedbirler Hakkında Yönetmelik (Regulation on Measures Regarding Prevention of Money Laundering and Financing of Terrorism).

Most regulations take effect on June 30, 2025, with full implementation by year-end. The framework aligns with global regulatory frameworks, in particular the EU’s MiCA.

Suggested read: Global Cryptocurrency Regulations

Who’s affected?

The new Turkey crypto regulation affects:

1. Domestic Crypto Asset Service Providers (CASPs), including:

• Crypto exchanges
• Custodians
• Wallet service providers

2. Foreign CASPs, specifically non-resident CASPs serving Turkish users, face restrictions on active marketing and local presence.

CASPs must obtain authorization from the Capital Markets Board (CMB) and meet minimum capital thresholds (TRY 150 million or $4.1 million for exchanges and TRY 500 million or $13.7 million for custodians).

Moreover, CASPs must meet AML compliance requirements. They include mandatory identity verification for transactions exceeding 15,000 Turkish lira (~$425).

CASPs are also required to record significant data sets of transaction information, including canceled and unexecuted transactions.

CASPs will be required to invest in compliance infrastructure and create dedicated risk management teams to identify and mitigate various risks. Additionally, they must implement a price monitoring system to detect and flag suspicious trading activity.

Turkish CASPs must also comply with strict reporting obligations, regularly providing the CMB with timely updates on their operations.

At the same time, the CMB’s framework prohibits derivative transactions involving crypto. However, exchanges are permitted to conduct initial coin offerings (ICOs), provided they review the associated smart contracts and ensure compliance with listing criteria.

What are the penalties?

Turkey imposes severe penalties for crypto businesses violating AML regulations, combining administrative fines, criminal sanctions, and operational restrictions.

According to the Capital Markets Law. Unauthorized Crypto Asset Service Provision / ARTICLE 109/A (Added: 26/6/2024 – Law No. 7518, Article 12).

Natural persons and the executives of legal entities who are found to be operating as crypto asset service providers without obtaining authorization shall be punished with imprisonment from three to five years and a judicial fine from five thousand to ten thousand days.

Crypto Travel Rule in Turkey

Turkey’s crypto Travel Rule has been fully implemented as of February 25, 2025. It is enforced by the Financial Crimes Investigation Board (MASAK) under Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine Dair Tedbirler Hakkında Yönetmelik, which amends the Capital Markets Law, along with MASAK’s Travel Rule guidelines.

Transaction thresholds

≥15,000 TL (~$425): Requires verified sender details. Beneficiary details must also be shared but need not be verified.

Originator:

a) Full legal name

b) Wallet address, or in the absence of a wallet address, the reference number related to the transaction

c) At least one of the following identifying details: address; place and date of birth; customer number; national identification number; citizenship number; or tax identification number.

Beneficiary:

d) Full legal name

e) Wallet address, or in the absence of a wallet address, the reference number related to the transaction.
<15,000 TL: Only sender/beneficiary names and wallet addresses are required, without verification.

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