Turkey

{
  "analysis_text": "As of December 2025, Turkey has transitioned from a \u0027Gray-Zone\u0027 to a fully \u0027Allowed-Regulated\u0027 jurisdiction for retail cryptocurrency trading. The regulatory landscape was fundamentally transformed by the enactment of Law No. 7518 on July 2, 2024, which amended the Capital Markets Law to explicitly include crypto assets. This primary legislation empowered the Capital Markets Board (CMB/SPK) to oversee the sector, requiring all Crypto Asset Service Providers (CASPs) to obtain a license to operate. The law provided a transition period where existing exchanges had to apply for liquidation or authorization by August 2024, and foreign platforms were barred from soliciting Turkish residents without a local presence after October 2024.\n\nThe regulatory framework was completed with the publication of secondary legislation in March 2025. The \u0027Twin Communiqu\u00e9s\u0027 (III-35/B.1 and III-35/B.2) established rigorous standards for CASPs, including minimum capital requirements (paid-in capital), governance structures (joint-stock company requirement), and technological audits by T\u00dcB\u0130TAK. These regulations ensured that only financially stable and technically secure entities could obtain permanent licenses. A \u0027List of Active Providers\u0027 is maintained by the CMB, serving as the official register of authorized entities during the transition to full licensure.\n\nDespite the robust support for trading and investment, the Central Bank\u0027s 2021 ban on using crypto assets for *payments* remains strictly in force. This means retail users cannot legally pay for goods or services (like coffee or cars) using Bitcoin or stablecoins. However, the banking sector is fully integrated for fiat on/off-ramps, and banks are the mandated custodians for the cash portion of client assets held by CASPs. This separation of trading (allowed) and payments (banned) is a defining feature of the Turkish model.\n\nEnforcement has been active, with the CMB blocking access to unauthorized foreign platforms and DeFi sites that failed to comply with the local presence requirement. Anti-Money Laundering (AML) compliance is enforced by MASAK, with new rules implemented in February 2025 requiring identity verification for transactions exceeding 15,000 TRY. Taxation follows general income tax principles, treating crypto gains as taxable income, though discussions regarding a dedicated low-rate transaction tax continue to surface in legislative debates.",
  "confidence_level": "High",
  "executive_summary": "Retail crypto trading is legal and fully regulated in Turkey under the oversight of the Capital Markets Board (CMB/SPK). Following the enactment of Law No. 7518 in July 2024 and subsequent secondary legislation in March 2025, Crypto Asset Service Providers (CASPs) must be licensed and adhere to strict capital, governance, and AML standards. While trading and holding are permitted, the use of crypto assets for payments (goods and services) remains banned. The regulatory framework requires customer assets to be segregated and cash to be held in banks.",
  "grounding_urls": [
    {
      "resolved_url": "https://sumsub.com/blog/crypto-regulations-turkey/",
      "title": "sumsub.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHWzlsA_E8PMeHvCZ7dYgSw1Je5TLdRndgatXTG8klxlYF8sHcg1Ls69ucWNwkuYF6nHX5qwCL0EuX6ZZe8j4569P1jTrl3GckDZPmE7t4cMPrmdp_TcdMBjFsgOqVsGmz0HvOfQTjdBG1WhRks"
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      "resolved_url": "https://www.ainvest.com/news/turkey-implements-15-40-crypto-taxes-boosts-compliance-2504/",
      "title": "ainvest.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF3JOJzEJQhMU99mFM2elGI74KCm2_cyZylQq0sI6F6e0-hSZP_3QEWIDfD9MpVBQOpZsRo438O7lCyrDn7U14NSvre6y8OFW3Nrn4Bfm8EFQuNZBQE_BJeu7qwzJwE7tY-DjSk7_0VyS4QBn6TKY6E7cTe2kcVTCrCke0WejZWGFK81yT9rlbG_WTyL93jIlQ-oNmG"
    },
    {
      "resolved_url": "https://cms-lawnow.com/en/ealerts/2025/03/tuerkiye-introduces-new-crypto-asset-regulations-a-landmark-development-in-digital-finance",
      "title": "cms-lawnow.com",
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    },
    {
      "resolved_url": "https://www.youhodler.com/blog/crypto-exchange-guide-2025",
      "title": "youhodler.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHR-RF8RVFSj3WpcOu_-GQFE7NK2QuMkfGxGUbGw5_v_gcIC11cbl8sClRpq96oaYN8buhuW2vf0zyKgfaCDKv8mjk7perbeIToz-hEaFglQAEDgus4POJOXEmOn-4EKAMq_WWUvlHX48oX4TnXNS_sY5Spsg=="
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    {
      "resolved_url": "https://dig.watch/updates/turkey-to-enforce-strict-crypto-rules-by-2025",
      "title": "dig.watch",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF1SLx9RiryKEIEB9EsWfO5JxzFIw8kD9y960ydDf4_6G-FzZv39ZEPY6n0jjxnDMslXNuCaBV475waZWkqciG-h26T-N4HMokAhCio5OIW27Sx2o-7zVVOjgNLzkWd8IbJWhzxe4gpsdyPGbI8IMT0GAXrYe9ZbHx01n5Z_M7cYV74"
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      "resolved_url": "https://coinmarketcap.com/academy/article/stricter-crypto-regulations-announced-in-turkey-ahead-of-2025-implementation",
      "title": "coinmarketcap.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFnuq-HGd22qR-u0V_WgKAR_O2noKgzQsnKsD-SgZFoeTflOlBx5YAItoUfAOBs-pgssO7J2RF5URWMsV3W0bAFzCrQYELfXXkSW1LxqURQ_BXIhKQitFOTx7JeM2Kc1bdPC8gYI2LH7mjueTs9j1IEZL3SwxEpq4IbQ0iHFAZR9jOewuthn-EYfnLmqC7J1YwBjEETyLil70cYe38Oy7rUh7nyw4pt8I2oyCklisSmSoQ="
    },
    {
      "resolved_url": "https://dig.watch/updates/major-defi-sites-lose-access-in-turkeys-new-crypto-rules",
      "title": "dig.watch",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGsL8wTnyVhUk7GVWhSlUfty8ssbPj6p8h4DHuiN5ESEH3uHHSK9uot76CJo8OE1slYRvZUp5qjj7QfBKJctLKSsPJ16F3dhM22lo8kiO5mO-_xinFvouOxfeteaEV_BiWKiGL4zEOhPZi8qOVoPXCBaB4aQ9JsZ82oSBnP4-M5D9sCN5iAgxniDZWqLy4="
    },
    {
      "resolved_url": "https://www.sanctionscanner.com/blog/cryptocurrency-regulations-in-turkiye-1167",
      "title": "sanctionscanner.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGPcMEl9MTFexWAFAJ5bt2l4egxc5e3jW7OxlcC7ydK_8-W5KxcQEmk9e3nRaDaLhwhDnhaKmFzp954ZNQymY7Wb35XXz7XpGECjD3_jHtq0l4PtM6uPlR94cDVnUgiyCxE6Ua_iakf9dKWx_YIw14P0CgMqTviQivdsGpp2FiD68schPdi_O2LPtw="
    },
    {
      "resolved_url": "https://kesikli.com/news-insight/2024-07-26-turkiyes-new-crypto-law-transforming-the-turkish-crypto-market/",
      "title": "kesikli.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFI97rMuzfwvSqk9mLuXsdqisX_T0Zr3fz4S1xhrrgJ3Jf1lqgqx0LkzlVNGJPhtHBuhe9YKRf0fGlSNTLjQeuyChsbrmx5FO9XN9m6IlNm42LoC98g1FbEP9iwzUgw3SDLV0xDgbqus1IMc9nGaB_c3o23t5s1OhAqPYju8gtvge1I-6zdq_Fs26V6kyAtD9uQSh5WXyr35UjYi8Q7zgTjG2Die3M-"
    },
    {
      "resolved_url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/turkey-turkiye/",
      "title": "globallegalinsights.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGr5_Ow6Vwxrho_QbrcEw_4xEJFQXaSHGEQrM-G6qI4xTF4xKXhwp6ZKlw8xTw5GH6E3mE9e7ljsbhPtma-SSpAfK4V_Y-PxIoSkENaAF5oaCKjeX8JXp98mpq1oZ_y4kRlq2NRT338B2BIsG2vDkCzQl732Ol_PB8mdKdMsS6rFNsYKf38YnBgdFJMA94ZdIRQpB6GP0dq1AMpqrHtWluybn9jO5ijvLNLayI2"
    },
    {
      "resolved_url": "https://gun.av.tr/insights/updates/crypto-asset-regulations-came-into-force",
      "title": "gun.av.tr",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHcGaM7Rs1jzneFwvZJysQOBlZyXbgD7ggZ7airrlYZ5_eJpWT5obBfsTlDlwZKPPzhvoMbE72Qco_rDV_9u7n55rHbRNSvK9SDvOXIx3GHpWdv_MPGKXX8_oP3iML3t1EcgY0gNwMfY7wwkW2BGmCDerbIIt9B4lGFW-_K8KV6I_0VcvImaA=="
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    {
      "resolved_url": "https://www.coinlore.com/coin/spark/exchanges",
      "title": "coinlore.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQH3pAuldNFAy9qXp5tmU0-kQInEBm5-XORfhp83YGWPjZfjD4bUSclrqnoiAIkREyyywr14NM39ig_FLN6t2yQKnj9EFYQ2VjUE15sVEDlvqYEv3h_RPFWM5eV-yDpJ-OdWwNI2Mz9ajA=="
    },
    {
      "resolved_url": "https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv",
      "title": "europa.eu",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGzE5eIu07JwR0YqK2COrw5dOu0KxfeE_Q45qKOQGN190U4lASsIq3-B_QdBvgyh6LJgAzAkcQpJKUgQ2Xk7UN4aB9eEqmcg6bhK2sBQcqEQdd-VAfr4C5I1v7C2WVEdTm1EX7I77b9oLlQJgiWbJ90J2onsQkefPyBtck="
    },
    {
      "resolved_url": "https://blog.mexc.com/wiki/are-there-any-taxes-for-crypto-in-turkey/",
      "title": "mexc.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFNEtqVSMP2IacvPccZW-KlXllMdNmkL2Vr-nozCErirMjlDwaTzwm1cxhd2PB-IobcK5Toz3jy6GgIPEc361zwGz_z8yqxkBZX3s0ExnbEQ6uVmc-tepVa7lvdn5ddRLVyBOJy63ZCTeBmj_KPdDzCucLB1dKB6ZYRFEKdRn_X"
    },
    {
      "resolved_url": "https://tr.schindhelm.com/en/news-jusful/news/gesetz-zur-aenderung-des-kapitalmarktgesetzes-neue-regelungen-zu-krypto-assets",
      "title": "schindhelm.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGv7mlHmugvf_RQgQvmSVFE0Sf6NQlU0bJnrJlqTNGYGDqUose72-6zW0YT0p5QuIeHx9BK4TSPZAqaDs9l8OXAMJsaGl-Zfp_n37nt-E5lvSjByKsmkgfGg4b2ij0hcsoI8KUvzVKThlKlRMddmOGNgugZkrVo1FMJ4b7A2Rz942vQnKEN7goYxtaFcPRL5I4Df3za6DZoUS4LL9DbId1oQackM_C8kjmGhSTD9an5IpjGeFMKWoc="
    },
    {
      "resolved_url": "https://globallawexperts.com/double-turkish-fintech-regulations-are-in-effect/",
      "title": "globallawexperts.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQG2juyBNflvTcWTgF4cQ4RpNVb_Qozo7nXIo5SVO1cOiXwoAUrKHNhjl4yNPZHPq_0UAG56z5uKk2LpHPiTnz9m7zBxXp_o2POtAjbS98RAbrTPjz4zprMYV5piHvfkoNyutJlfe7Pd9mVSZnR-kdfQtXfXCk6ujCvkfm7E16hNmpMXOoYFLY7xQg=="
    }
  ],
  "status": "Allowed-Regulated",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "As of December 2025, Turkey has transitioned from a \u0027Gray-Zone\u0027 to a fully \u0027Allowed-Regulated\u0027 jurisdiction for retail cryptocurrency trading. The regulatory landscape was fundamentally transformed by the enactment of Law No. 7518 on July 2, 2024, which amended the Capital Markets Law to explicitly include crypto assets. This primary legislation empowered the Capital Markets Board (CMB/SPK) to oversee the sector, requiring all Crypto Asset Service Providers (CASPs) to obtain a license to operate. The law provided a transition period where existing exchanges had to apply for liquidation or authorization by August 2024, and foreign platforms were barred from soliciting Turkish residents without a local presence after October 2024.\n\nThe regulatory framework was completed with the publication of secondary legislation in March 2025. The \u0027Twin Communiqu\u00e9s\u0027 (III-35/B.1 and III-35/B.2) established rigorous standards for CASPs, including minimum capital requirements (paid-in capital), governance structures (joint-stock company requirement), and technological audits by T\u00dcB\u0130TAK. These regulations ensured that only financially stable and technically secure entities could obtain permanent licenses. A \u0027List of Active Providers\u0027 is maintained by the CMB, serving as the official register of authorized entities during the transition to full licensure.\n\nDespite the robust support for trading and investment, the Central Bank\u0027s 2021 ban on using crypto assets for *payments* remains strictly in force. This means retail users cannot legally pay for goods or services (like coffee or cars) using Bitcoin or stablecoins. However, the banking sector is fully integrated for fiat on/off-ramps, and banks are the mandated custodians for the cash portion of client assets held by CASPs. This separation of trading (allowed) and payments (banned) is a defining feature of the Turkish model.\n\nEnforcement has been active, with the CMB blocking access to unauthorized foreign platforms and DeFi sites that failed to comply with the local presence requirement. Anti-Money Laundering (AML) compliance is enforced by MASAK, with new rules implemented in February 2025 requiring identity verification for transactions exceeding 15,000 TRY. Taxation follows general income tax principles, treating crypto gains as taxable income, though discussions regarding a dedicated low-rate transaction tax continue to surface in legislative debates.",
    "executive_summary": "Retail crypto trading is legal and fully regulated in Turkey under the oversight of the Capital Markets Board (CMB/SPK). Following the enactment of Law No. 7518 in July 2024 and subsequent secondary legislation in March 2025, Crypto Asset Service Providers (CASPs) must be licensed and adhere to strict capital, governance, and AML standards. While trading and holding are permitted, the use of crypto assets for payments (goods and services) remains banned. The regulatory framework requires customer assets to be segregated and cash to be held in banks.",
    "important_considerations": [
      "Payment Ban: Crypto cannot be used to pay for goods or services directly; it is treated as an investment asset.",
      "Taxation: Profits are generally subject to income tax (15-40%) for individuals and corporate tax (20-25%) for businesses. A specific transaction tax (0.03%) has been proposed but implementation details vary.",
      "Travel Rule: Strict implementation of the FATF Travel Rule came into effect in February 2025, requiring ID verification for transactions over 15,000 TRY.",
      "Custody: Customers are encouraged to hold assets in their own wallets; CASPs must segregate client assets.",
      "Foreign Platforms: Unauthorized foreign platforms were required to cease targeting Turkish residents by October 2024."
    ],
    "key_regulatory_pillars": [
      "Primary Regulator: Capital Markets Board (CMB/SPK) - Responsible for licensing, supervision, and issuing secondary regulations.",
      "AML/CFT Authority: Financial Crimes Investigation Board (MASAK) - Enforces KYC and anti-money laundering rules.",
      "Technical Audit: Scientific and Technological Research Council of Turkey (T\u00dcB\u0130TAK) - Audits the technological infrastructure of CASPs.",
      "Licensing Regime: Mandatory authorization for all CASPs; foreign platforms must establish a local entity (Law No. 7518).",
      "Banking Integration: Banks are authorized to provide custody for cash assets; direct crypto payments for goods are prohibited."
    ],
    "landmark_legislation": [
      {
        "date_enacted": "2024-07-02",
        "identifier": "Law No. 7518",
        "name": "Law on Amendments to the Capital Markets Law (Law No. 7518)",
        "summary": "Brought crypto assets under the scope of the Capital Markets Law No. 6362. Defined \u0027Crypto Asset Service Providers\u0027 (CASPs), mandated licensing by the CMB, and established penalties for unauthorized operations.",
        "url": "https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm"
      },
      {
        "date_enacted": "2025-03-13",
        "identifier": "Communiqu\u00e9 No. III-35/B.1",
        "name": "Communiqu\u00e9 on the Principles Regarding the Establishment and Activities of Crypto Asset Service Providers",
        "summary": "Detailed the requirements for establishment, shareholding structure, and operational principles for CASPs.",
        "url": "https://spk.gov.tr/"
      },
      {
        "date_enacted": "2025-03-13",
        "identifier": "Communiqu\u00e9 No. III-35/B.2",
        "name": "Communiqu\u00e9 on Operational Procedures and Capital Adequacy of Crypto Asset Service Providers",
        "summary": "Set forth capital adequacy standards, information system requirements, and custody rules.",
        "url": "https://spk.gov.tr/"
      },
      {
        "date_enacted": "2021-04-16",
        "identifier": "Official Gazette No. 31456",
        "name": "Regulation on the Disuse of Crypto Assets in Payments",
        "summary": "Prohibits the use of crypto assets for payments in the provision of goods and services; bans payment service providers from developing business models for such use.",
        "url": "https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm"
      }
    ],
    "notes_and_comments": "Turkey has one of the highest crypto adoption rates globally. The regulatory approach focuses on \u0027centralized\u0027 control (licensing intermediaries) while strictly walling off the traditional payments system from crypto assets to protect the Lira.",
    "primary_sources": [
      {
        "date": "2024-07-02",
        "key_quote": "Crypto asset service providers are required to obtain permission from the Board in order to be established and to start operations.",
        "source_type": "law_text",
        "title": "Law No. 7518 Amending the Capital Markets Law",
        "url": "https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm"
      },
      {
        "date": "2021-04-16",
        "key_quote": "Crypto assets cannot be used directly or indirectly in payments.",
        "source_type": "regulator",
        "title": "Regulation on the Disuse of Crypto Assets in Payments",
        "url": "https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/announcements/press+releases/2021/ano2021-17"
      },
      {
        "date": "2024-07-02",
        "key_quote": "Institutions that are currently providing crypto asset services... must apply to the Board... to declare that they will operate in accordance with the regulations.",
        "source_type": "regulator",
        "title": "CMB Announcement Regarding Crypto Asset Service Providers",
        "url": "https://spk.gov.tr/duyurular/basin-duyurulari/2024/kripto-varlik-hizmet-saglayicilara-iliskin-duyuru"
      }
    ],
    "remaining_uncertainties": [
      "Final status of the proposed 0.03% transaction tax.",
      "Specific timeline for the issuance of permanent licenses to all applicants on the temporary list.",
      "Long-term treatment of DeFi platforms under the \u0027commercial presence\u0027 requirement."
    ],
    "secondary_sources": [
      {
        "date": "2025-03-21",
        "key_quote": "On 13 March 2025, the Turkish Capital Markets Board published two key regulations... marking a significant milestone in the country\u0027s evolving legal framework.",
        "source_type": "analysis",
        "title": "T\u00fcrkiye Introduces New Crypto Asset Regulations",
        "url": "https://www.cms-lawnow.com/ealerts/2025/03/turkiye-introduces-new-crypto-asset-regulations"
      },
      {
        "date": "2025-03-15",
        "key_quote": "The new crypto regulations in Turkey include strict licensing and capital requirements, ensuring only financially stable companies operate within the sector.",
        "source_type": "news",
        "title": "Turkey grants full control of crypto regulation to CMB",
        "url": "https://dig.watch/updates/turkey-grants-full-control-of-crypto-regulation-to-cmb"
      }
    ],
    "status": "Allowed-Regulated"
  }
}