Crypto in Turkey

Turkey’s crypto regulatory framework remains fragmented, with the Central Bank of Turkey (CBT) imposing a ban on crypto payments for goods and services effective April 30, 2021, under the Regulation on the Non-Use of Crypto Assets in Payments. The Capital Markets Board (CMB) oversees token offerings and trading platforms, but no comprehensive crypto law has passed parliament as of Q1 2025. In January 2024, the CMB issued draft guidelines requiring crypto exchanges to register and comply with anti-money laundering (AML) rules under Law No. 5549 on Prevention of Laundering Proceeds of Crime. The Financial Crimes Investigation Board (MASAK) enforces AML obligations, including know-your-customer (KYC) checks for transactions above 5,000 TRY (~$170). Despite the payment ban, trading and holding crypto remain legal, with the government signaling a formal licensing regime for exchanges by late 2025, per a June 2024 statement from Treasury and Finance Minister Mehmet Şimşek.

Turkey has no specific crypto tax law as of March 2025, but the Revenue Administration (Gelir İdaresi Başkanlığı) treats crypto gains as income under the Income Tax Law No. 193, subject to progressive rates from 15% to 40% for individuals. In practice, enforcement is minimal due to reporting gaps, though the CMB and MASAK require exchanges to report user transactions over 10,000 TRY (~$340) to tax authorities since January 2024. A 2023 proposal to impose a 0.1% transaction tax on crypto trades stalled in parliament. For businesses, crypto gains are taxed as corporate income at 25% (reduced from 30% in 2024). No capital gains tax exemption exists for crypto, unlike equities held over one year. The government plans to introduce a clear crypto tax framework by 2026, per a November 2024 Finance Ministry roadmap, likely including a flat 10% withholding tax on exchange trades.

Turkey hosts an estimated 5.2 million crypto users as of Q4 2024, per Chainalysis data, ranking 12th globally in crypto adoption. Trading volumes on local exchanges like BtcTurk and Paribu averaged $1.8 billion weekly in 2024, driven by the Turkish lira’s 45% depreciation against the USD (from 29.5 to 42.8 TRY/USD between January and December 2024). Stablecoin usage surged, with USDT accounting for 60% of all crypto trades in Turkey, per CoinGecko data, as citizens hedge against inflation (annual CPI at 64.8% in December 2024). Institutional activity remains nascent, but Garanti BBVA, a major bank, launched crypto custody services for corporate clients in March 2024. Retail adoption is high among 18-35 year olds, with 40% of this demographic holding crypto, per a July 2024 survey by the Turkish Informatics Foundation. The Digital Lira pilot, launched by the CBT in January 2023, processed 10,000 transactions in its first year but remains limited to wholesale interbank settlements.