- Crypto Adoption in Turkey
- Key Facts
- Crypto Regulations in Turkey
- Key Regulatory Steps
- New Crypto Laws for 2025
- Expected Changes
- Legal Status of Cryptocurrencies in Turkey
- Status of Crypto Assets in Turkey
- Crypto Taxation in Turkey
- Key Principles of Crypto Taxation
- Future Prospects and Challenges
- Conclusion
Crypto Adoption in Turkey
Turkey is establishing itself as one of the world leaders in cryptocurrency adoption, with over 5 million people holding digital assets. An impressive 52% of Turkish citizens aged between 18 and 60 declare that they own cryptocurrencies, making Turkey one of the most active crypto countries.
📌 Key Facts
- 40% of Turks have invested in cryptocurrencies, making them one of the most popular asset classes in the country.
- According to a Binance survey, over the past three years crypto adoption in Turkey has increased by 24%.
- Turkey ranks 12th in the Chainalysis Global Crypto Adoption Index for 2023, surpassing larger economies.
- The country is the fourth largest crypto transaction market in the world.
- During earthquake relief efforts, Binance distributed $100 in BNB to affected users.
- In February 2024, the OKX exchange entered Turkey as part of its global expansion.
Crypto Regulations in Turkey
Turkey has begun actively regulating the crypto industry, especially as interest in digital assets has surged.
📜 Key Regulatory Steps
- In 2019, the Turkish parliament adopted the 11th Development Plan, which included the creation of a blockchain-based digital currency and a Payment Services and Electronic Money Association.
- In April 2021, Turkey introduced its first crypto regulation – “Regulation on the Non-Use of Crypto Assets in Payments”.
- The law does not ban cryptocurrencies but restricts their use for payments.
- Banks and payment institutions are not allowed to conduct crypto transactions.
- Payment platforms cannot serve as intermediaries in the purchase, sale, storage, or transfer of crypto assets.
- In May 2021, Turkey amended the Anti-Money Laundering (AML) Law to include crypto platforms in the obligations for customer identification (KYC) and suspicious transaction reporting.
🔍 New Crypto Laws for 2025
In 2024, the presidency announced that a draft law for detailed regulation of crypto assets and platforms was submitted to parliament for review.
📌 Expected Changes
- Introduction of official definitions for “crypto assets,” “crypto wallets,” and “crypto service providers.”
- Crypto platforms will need to obtain licenses from Turkey’s Capital Markets Board (CMB).
- The goal of the new regulations is to reduce investor risk and increase crypto market transparency.
Legal Status of Cryptocurrencies in Turkey
Despite strict regulations, cryptocurrencies are not illegal in Turkey but are subject to certain restrictions.
📌 Status of Crypto Assets in Turkey
- Bitcoin (BTC): ✅ Legal
- NFTs: ✅ Legal
- Mining: ✅ Legal
- Crypto trading: ✅ Legal
- DeFi projects: ✅ Legal
Crypto Taxation in Turkey
The Ministry of Finance and the Treasury of Turkey regulate crypto taxation in the country.
📌 Key Principles of Crypto Taxation
- VAT applies when cryptocurrencies are used for payments.
- If crypto is held as a capital asset and sold for a profit, income tax is applied.
- Non-residents are subject to withholding tax on crypto payments, with rates determined by international tax treaties.
- Token sales are taxed as income, depending on the profit realized.
- Long-term crypto holding (over 1 year) and profitable sales are taxed as capital gains, which have a lower tax rate.
- All crypto transactions are subject to AML and KYC rules requiring investor identification.
Future Prospects and Challenges
The popularity of cryptocurrencies and blockchain in Turkey is expected to grow even further.
- Currently, 5.5% of Turkish citizens own digital currencies.
- Inflation in Turkey has surpassed 83%, reducing purchasing power.
- More people are viewing cryptocurrencies as protection against high inflation and lira devaluation.
In Turkey, crypto is called a “lifeline” due to the country’s financial challenges.
Conclusion
With each passing day, Turkey is taking steps toward better regulation of the crypto industry.
- In 2025, clearer rules and licensing requirements for crypto platforms are expected.
- Interest in digital assets will continue to grow due to economic challenges.
- Turkey is establishing itself as a leading player in the crypto industry, given the growing number of investors and adoption of blockchain technologies.
2025 could be revolutionary for the crypto market in Turkey – only progress ahead!
Frequently Asked Questions about Cryptocurrencies in Turkey
Find answers to the most common questions below.
Yes, Bitcoin (BTC), NFTs, DeFi, and crypto trading are legal in Turkey, but there are restrictions on using them for payments.
No, under the 2021 regulation, the use of cryptocurrencies for direct or indirect payments is prohibited. However, buying, selling, and storing crypto is allowed.
Yes, cryptocurrencies are subject to VAT when used for payments. Profits from selling crypto may be taxed as income or capital gains, depending on the holding period.
Yes, a new draft law is expected to introduce licensing for crypto platforms and define key terms such as “crypto assets” and “crypto wallets.”
Yes, crypto mining is legal, but miners must comply with energy regulations and electricity consumption laws.
All crypto exchanges and platforms are expected to be licensed by the Capital Markets Board (CMB) and must comply with stricter security and AML/KYC regulations.
Due to high inflation and the depreciation of the lira, many Turkish citizens see cryptocurrencies as an alternative to preserve the value of their assets.
Yes, foreign investors can trade cryptocurrencies in Turkey, but withholding taxes may apply depending on international tax treaties.
Turkey is the fourth-largest market by crypto transaction volume globally and ranks among the top countries in crypto adoption, with 40% of the population holding digital assets.
