Turkey -- Regulatory Status Regulatory Overview

Turkey maintains a comprehensive regulatory framework for cryptocurrency that permits holding and trading while prohibiting use as payment, with licensing and compliance requirements enforced by multiple government agencies.

Regulatory Approach

Turkey employs a structured regulatory model that distinguishes between permitted and prohibited crypto activities. Holding and trading cryptocurrencies are legal, but the Central Bank of the Republic of Turkey (TCMB) has prohibited their use for payments since April 2021.[1][2] Cryptocurrency is not recognized as legal tender.[2] This dual approach reflects the government's effort to legitimize trading activities while protecting financial stability.

Primary Regulatory Bodies

Three main authorities oversee Turkey's crypto landscape:

• Capital Markets Board (CMB): The primary regulatory authority responsible for establishing regulatory measures, making decisions, and implementing sanctions related to crypto assets.[2] The CMB grants operating licenses to crypto asset service providers (CASPs).

• Financial Crimes Investigation Board (MASAK): Enforces anti-money laundering (AML) regulations concerning cryptocurrencies and classifies CASPs as "obliged entities" subject to strict AML and Know-Your-Customer (KYC) protocols.[1]

• Central Bank of the Republic of Turkey (TCMB): Responsible for monetary policy and issued the 2021 regulation prohibiting cryptocurrency payments, focusing on maintaining financial stability.[1]

• Banking Regulation and Supervision Agency (BRSA): Oversees banking activities related to crypto, including approving banks offering crypto asset custody services.[1]

Key Legislation

The primary regulatory framework comprises:

• Law on Amendments to the Capital Markets Law (effective as of July 2024): Requires all crypto asset service providers to obtain an operating license from the CMB.[1]

• Central Bank Regulation (published in Official Gazette No. 31456 on April 16, 2021): Prohibits using cryptocurrencies for payments.[2]

Current Stance on Crypto Trading and Exchanges

Trading and exchanges are legal under strict licensing requirements. CASPs affected by the regulations include crypto exchanges, custodians, and wallet service providers.[2] Licensed providers must:

• Obtain authorization from the CMB with minimum capital thresholds: TRY 150 million ($4.1 million) for exchanges and TRY 500 million ($13.7 million) for custodians[2]
• Comply with AML/KYC rules enforced by MASAK[1]
• Pay annual fees of 2% total (1% each to CMB and the Scientific and Technological Research Council)[5]
• Report all transactions to tax authorities[4]

All crypto-asset service providers must obtain their operating licenses by June 30, 2026.[5] As of June 2025, no providers had yet received CMB licenses, though compliance efforts were ongoing.[5]

Foreign crypto asset service providers face restrictions under the reverse solicitation principle and cannot actively market services or maintain local presence in Turkey.[2]