Is crypto legal in Turkey? Rules & regulation (2026)
Crypto is regulated in Turkey.
Turkey has moved from a payments ban to a comprehensive licensing regime for crypto-asset service providers (CASPs). Law No. 7518 (July 2024) put crypto platforms, custodians and other CASPs under CMB authorisation; the secondary rules issued in March 2025 fixed capital, governance, IT, custody and reporting requirements, with a transition deadline of 30 June 2026 for existing platforms to obtain their operating licence. Crypto trading, holding and investment are legal, but using crypto for payments has been banned since 2021 and unlicensed platforms have been blocked since mid-2025.
Legal framework
Law No. 7518 of 2 July 2024 amending the Capital Markets Law No. 6362, with secondary Communiqués III-35/B.1 (establishment/operating principles) and III-35/B.2 (operating procedures and capital adequacy) published 13 March 2025 by the Capital Markets Board (CMB/SPK). CBRT Regulation of 16 April 2021 prohibiting the use of crypto assets for payments remains in force. MASAK oversees AML.
Status by sub-area
Stablecoins
PartialThere is no bespoke stablecoin issuer/reserve law in Turkey. Stablecoins are captured indirectly: fiat-referenced tokens that qualify as electronic money require a CBRT e-money licence, and stablecoin trading and transfers on licensed CASPs are subject to MASAK's 2025 transfer caps and withdrawal-hold rules.
Still pending: Dedicated stablecoin issuer/reserve law pending; currently captured indirectly via e-money licensing
Exchanges / VASP
In forceExchanges (CASP 'platforms') must be Turkish joint-stock companies licensed by the CMB under Law No. 7518 and Communiqués III-35/B.1 and III-35/B.2. Capital, governance, IT and conduct requirements apply; unlicensed operators are blocked by the authorities.
Token Offerings
PartialThere is no dedicated ICO/STO statute. Token issuances are triaged: tokens with e-money characteristics need a CBRT e-money licence, security tokens fall under the existing Capital Markets Law and prospectus rules, and utility tokens can be listed by licensed platforms subject to CMB listing criteria and smart-contract review.
Still pending: Dedicated ICO/STO statute pending; tokens triaged under existing frameworks by type
Custody
In forceCustody is regulated under Communiqué III-35/B.2. CASPs must segregate client assets, hold at least 95% of client crypto with authorised custodians, keep prudential buffers, run contingency plans and submit reserve-proof reports as part of the licensing package.
DeFi
PartialTurkey has no DeFi-specific statute, but the CMB applies its CASP perimeter to decentralised front-ends that target Turkish users and has already blocked access to DeFi sites and apps. Further CMB guidance on DeFi, DAOs and NFTs is expected through 2026.
Still pending: CMB guidance on DeFi, DAOs, NFTs expected through 2026; platform access restrictions enforced
Tax
PartialTurkey does not yet have a dedicated crypto income-tax regime; crypto is generally treated under the existing income and corporate tax rules, with a VAT exemption on crypto purchases/sales. In March 2026, Parliament's Planning and Budget Committee approved a narrow 0.03% transaction levy on CASPs, replacing a broader 10% income-tax proposal that was dropped.
Still pending: 0.03% transaction levy approved March 2026; implementation rules and detailed framework pending
Key points: crypto & digital assets in Turkey
Primary law and regulator
Law No. 7518 amended Capital Markets Law No. 6362, making the CMB (SPK) the licensing and supervisory authority for CASPs (platforms, custodians, other service providers). It defines 'crypto assets' and 'crypto asset service providers' in Turkish law for the first time.
CBRT payment ban still in force
The 16 April 2021 CBRT Regulation on the Prohibition of the Use of Crypto Assets in Payments (in force 30 April 2021) bars using crypto to pay for goods and services and blocks payment / e-money institutions from intermediating crypto payments. It has not been repealed.
Secondary rules in force since March 2025
CMB Communiqués III-35/B.1 and III-35/B.2 (Official Gazette, 13 March 2025) set out establishment, capital adequacy, governance, IT, custody, reserve and reporting requirements. Communiqué VII-128.10 covers information-systems management. Platforms must be Turkish joint-stock companies with local management.
Licensing transition and enforcement
Existing platforms on the CMB's active list had to file an application by 30 June 2025 and must obtain an operating licence by 30 June 2026. Unlicensed platforms were blocked en masse from July 2025; ISPs have blocked DEXs (e.g. PancakeSwap) and 46+ related sites targeting Turkish residents.
Capital thresholds and fees
Minimum paid-in capital of TRY 150 million for a trading platform and TRY 500 million for a custody institution. Licensed CASPs pay 1% of revenues (ex-interest) to the CMB and 1% to TÜBİTAK annually.
AML and MASAK regime
Crypto exchanges have been 'obliged parties' under MASAK Law No. 5549 since 2021. MASAK General Communiqué No. 29 (28 June 2025) added stablecoin transfer limits (USD 3,000/day, USD 50,000/month) and 48–72 hour holds on withdrawals for AML/consumer protection.
Timeline of decisions
- Decision
- LawCMB Issues Comprehensive Operational Rules for Crypto Asset Service Providers
Turkey's Capital Markets Board (SPK/CMB) published Communiqués III-35/B.1 and III-35/B.2 in the Official Gazette, setting binding rules on establishment, governance, capital adequacy (minimum TRY 100 million for platforms, TRY 50 million for custody-only), and AML/CFT compliance for all crypto asset service providers. These detailed secondary regulations operationalise the 2024 Crypto Assets Law No. 7518.
CMS Law (citing SPK Communiqués III-35/B.1 and III-35/B.2, Official Gazette, 13 March 2025)
- Law · officialCMB Issues Communiqués III-35/B.1 & III-35/B.2, Full CASP Licensing Framework
Turkey's Capital Markets Board published two binding communiqués establishing a two-tier licensing regime for crypto asset service providers: minimum paid-in capital of TRY 150 million for exchanges and TRY 500 million for custodians, mandatory SPK establishment approval before commencing operations, and full compliance required by 30 June 2025. These secondary regulations operationalised Law No. 7518.
Capital Markets Board of Turkey (CMB/SPK)
- GuidanceCrypto Travel Rule Enters Into Force Under MASAK
Turkey's Financial Crimes Investigation Board (MASAK) required all CASPs to collect and transmit sender and recipient identification data for crypto transfers of TRY 15,000 or above, aligning with FATF's Travel Rule standard. Non-compliance carries severe administrative sanctions under the Measures Regulation.
Turkish Law Blog (MASAK Measures Regulation ref.)
- LawLaw No. 7518 Establishes Turkey's First Comprehensive Crypto Asset Regulatory Framework
Published in Official Gazette No. 32590, Law No. 7518 amends the Capital Markets Law to formally define crypto assets, makes CMB/SPK licensing mandatory for all crypto asset service providers, and imposes investor asset segregation and AML/CFT obligations. It closed Turkey's long-standing regulatory gap for one of the world's largest retail crypto markets and superseded the 2021 payment-ban as the primary crypto policy instrument.
GEMS Schindhelm Turkey (citing Official Gazette No. 32590, 2 July 2024)
- LawLaw No. 7518, First Comprehensive Crypto Statute Enters into Force
Published in Official Gazette No. 32590, the amendment to the Capital Markets Law placed crypto assets under SPK supervision for the first time, introduced statutory definitions for crypto assets, wallets, platforms, custodians, and CASPs, mandated SPK licensing for all service providers, and imposed criminal penalties of 3-5 years' imprisonment for unauthorised activity. This is the foundational statute of Turkey's current regulatory framework.
Mondaq / Official Gazette No. 32590
- DecisionFATF Removes Turkey from Enhanced-Monitoring Grey List
The Financial Action Task Force delisted Turkey after it achieved substantial compliance with 39 of 40 FATF Recommendations, including strengthened AML/CFT oversight of crypto platforms. The delisting removed heightened due-diligence requirements imposed on Turkish financial institutions since October 2021 and validated Turkey's regulatory reform trajectory.
CNBC (FATF announcement)
- EnforcementThodex CEO Sentenced to 11,196 Years in Prison
An Istanbul court convicted Faruk Fatih Özer of aggravated fraud, leading a criminal organisation, and money laundering following the $2 billion Thodex collapse, imposing sentences totalling over 11,000 years across Özer and his two siblings. The verdict established a landmark precedent for criminal prosecution of crypto fraud in Turkey.
Decrypt
- EnforcementThodex CEO Arrested in Albania and Extradited to Turkey
Faruk Fatih Özer, who fled Turkey after the April 2021 exchange collapse, was located in Vlorë, Albania and extradited to Turkish authorities. His arrest demonstrated Turkey's growing international law-enforcement reach in crypto fraud cases.
Finance Magnates
- Decision · officialFATF Places Turkey Under Enhanced Monitoring (Grey List)
FATF added Turkey to its Jurisdictions Under Increased Monitoring list, citing strategic deficiencies in AML/CFT supervision across banking, real estate, and crypto sectors. As the largest economy on the grey list, the listing created strong political pressure to formalise crypto regulation.
FATF
- LawPresidential Decree No. 3941: CASPs Designated as MASAK Obliged Parties
A presidential decree expanded Turkey's AML Measures Regulation to classify crypto asset service providers as obliged financial entities subject to MASAK supervision, imposing KYC, transaction monitoring, suspicious-activity reporting, and record-keeping obligations. This was Turkey's first formal AML/CFT framework applied specifically to the crypto sector.
Mondaq (Presidential Decree No. 3941 ref.)
- LawCentral Bank of Turkey Bans Crypto as a Payment Method
The CBRT Regulation on the Prohibition of Crypto Assets as Payment, published in Official Gazette No. 31456 and effective 30 April 2021, prohibited the direct or indirect use of crypto assets for goods and services payments and barred payment institutions and e-money institutions from facilitating fund flows to crypto exchanges. Holding, trading, and exchanging crypto remained explicitly legal, and provided the first statutory definition of crypto assets in Turkish law.
Moroğlu Arseven (Official Gazette No. 31456 ref.)
- IncidentThodex Exchange Collapses, 400,000 Users Frozen Out of ~$2 Billion
Turkish crypto exchange Thodex abruptly halted trading and withdrawals as founder Özer fled the country; police raided its offices. The incident exposed the complete absence of investor-protection or licensing rules for crypto exchanges and became the direct catalyst for Turkey's subsequent regulatory overhaul.
CoinTelegraph
Sources
- cryptoslate.com/crypto-laws/turkey-law-7518-capital-markets-law-crypto-assets/
- mondaq.com/turkey/fin-tech/1601060/secondary-regulations-on-crypto-asset-service
- cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/turkiye
- legal500.com/developments/thought-leadership/the-legal-regime-of-crypto-assets-in-
- esin.av.tr/2021/04/16/cbrt-bans-payments-with-cryptocurrencies/
- cointelegraph.com/news/turkey-regulator-cmb-two-docs-crypto-regulation
- sumsub.com/blog/crypto-regulations-turkey/
- practiceguides.chambers.com/practice-guides/blockchain-2025/turkey/trends-and-developments
- bts-legal.com/insights/publications/turkey-prohibits-usage-of-crypto-assets-for-pay
- dig.watch/updates/turkey-sets-sights-on-defi-platforms-after-pancakeswap-ban
- bilalalyar.av.tr/turkey-crypto-regulations-2026/
- plasma.to/learn/tools/stablecoin-regulation-map/turkey
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