Cryptocurrencies have grown rapidly in popularity among Turkish investors, startups, and financial institutions. Yet, the legal treatment of these digital assets in Turkey remains dynamic and fragmented, governed by overlapping regulations from multiple authorities. Investors and service providers must therefore navigate legal uncertainty in areas ranging from trading platforms to taxation, from anti-money laundering (AML) compliance to fraud litigation.
At ER&GUN&ER Law Firm, our legal team advises cryptocurrency exchanges, blockchain startups, fintech investors, and individual traders on the evolving legal landscape of cryptocurrency law in Turkey. Our English Speaking Turkish Lawyers provide end-to-end legal strategy that addresses crypto trading restrictions, crypto taxation, corporate structuring, investor rights, and compliance with regulations issued by the Capital Markets Board (SPK), MASAK (Financial Crimes Investigation Board), Central Bank of Turkey (TCMB), and Banking Regulation and Supervision Agency (BDDK).
Is Cryptocurrency Legal in Turkey?
There is currently no specific Turkish legislation defining or regulating cryptocurrencies as legal tender or financial instruments. However, several official statements and regulatory actions provide a partial framework. The Central Bank of Turkey (CBRT) issued a regulation in April 2021 that prohibits the use of crypto assets as a means of payment. This means that while holding, trading, and investing in cryptocurrencies is not banned, they cannot legally be used to settle debts or transactions for goods and services.
Our Turkish Law Firm assists companies in structuring crypto business models that comply with existing payment laws, while preparing legal defense strategies against overreach or misapplication of the CBRT regulation.
How Are Crypto Assets Legally Defined in Turkey?
As of 2025, crypto assets are not classified as legal currency, securities, or commodities under Turkish law. However, the Capital Markets Board (SPK) considers some tokens to be "capital market instruments" if they promise a future financial return or fall within the definition of a security token. In contrast, utility tokens or decentralized coins like Bitcoin are viewed more as digital assets rather than investment contracts.
This legal ambiguity creates risk. Our English Speaking Turkish Lawyers draft token classification memos and compliance opinions for crypto issuers, wallet providers, and DeFi protocols seeking legal clarity in Turkey.
Crypto Trading Platforms and Licensing in Turkey
Currently, cryptocurrency exchanges operating in Turkey are not subject to SPK licensing as investment intermediaries, but they are required to register with MASAK as obligated institutions. They must:
- Implement know-your-customer (KYC) procedures
- Report suspicious transactions under Law No. 5549
- Retain user data and trading records for 8 years
- Appoint a compliance officer and file regular reports
Failure to comply with AML compliance in Turkey may result in fines exceeding 2 million TRY or criminal liability. Our Turkish Law Firm advises exchanges on registration, risk scoring, user policy design, and MASAK audit preparation.
Taxation of Cryptocurrency Transactions in Turkey
Although Turkey does not yet have a dedicated crypto tax law, general taxation principles apply to digital asset transactions. According to the Revenue Administration (Gelir İdaresi Başkanlığı – GİB), cryptocurrency gains may fall under one of several categories:
- Income Tax: If trading is frequent and individual-based, it may be taxed as income from commercial activity
- Corporate Tax: If a company trades, mines, or stores crypto as part of its activities
- Value-Added Tax (VAT): Not yet applied to crypto trading, but regulatory clarification is pending
- Withholding Tax: On crypto-related dividend-like income if deemed financial yield
Our English Speaking Turkish Lawyers and financial consultants prepare tax strategy reports for crypto traders and startups, ensuring that income declarations, balance sheet reports, and transactional bookkeeping comply with cryptocurrency taxation laws in Turkey.
SPK Oversight of Token Offerings and Crypto Investment Platforms
The Capital Markets Board of Turkey (SPK) has stated that it will evaluate crypto token offerings on a case-by-case basis. If a token is deemed to represent:
- An investment contract
- A profit-sharing right
- Convertible debt or equity-like rights
…then the issuer may be subject to capital markets regulation, prospectus requirements, and penalties for unauthorized public offerings. In one enforcement case, SPK fined a crypto project over 1 million TRY for unlawful promotion of financial instruments.
Our Turkish Law Firm performs token classification analysis, drafts SPK-compliant whitepapers, and represents clients in enforcement proceedings. We also assess whether crypto asset offerings in Turkey cross the threshold for securities treatment and require pre-approval.
Fraud Risks and Civil Litigation in Crypto Disputes
Crypto fraud cases are on the rise in Turkey, especially involving:
- Ponzi or pyramid schemes disguised as token sales
- Exit scams by local exchanges
- Lost or frozen crypto wallets due to platform collapse
- Fake trading platforms targeting foreign investors
Our English Speaking Turkish Lawyers file criminal complaints under Article 157 (Fraud) and Article 204 (Forgery) of the Turkish Penal Code, while also initiating civil lawsuits for asset recovery, unjust enrichment, and breach of contract. We coordinate with prosecutors and cybercrime units when digital forensics or exchange seizure is needed.
FAQ: Cryptocurrency Law and Legal Practice in Turkey
- Q1: Are cryptocurrencies banned in Turkey?
No. Trading and investment are permitted. Only use as payment is restricted. - Q2: Can I register a crypto exchange in Turkey?
Yes. MASAK registration is required. No SPK license yet, but AML compliance is mandatory. - Q3: Is crypto income taxable?
Yes. Income from crypto is taxed based on trading volume, frequency, and business nature. - Q4: Are NFTs or DeFi platforms regulated?
Not yet. But SPK has discretion to treat financial-like structures as securities. - Q5: What happens if I lose money in a scam?
You may file a criminal complaint and civil lawsuit for damages and seizure of stolen assets. - Q6: Are international wallets and exchanges safe?
Use well-known, regulated platforms. Unregulated sites are high-risk and difficult to sue in Turkey. - Q7: Can foreigners operate crypto companies in Turkey?
Yes. With the correct corporate setup and local bank accounts, foreign directors are allowed. - Q8: Does KVKK apply to crypto platforms?
Yes. Personal data collected during onboarding must comply with Turkish data protection law. - Q9: Can crypto be inherited under Turkish law?
Yes, if access credentials exist. Crypto may be included in estate inventory if proven. - Q10: How can a Turkish Law Firm help?
We handle everything from exchange licensing and tax reporting to investor lawsuits and regulatory defense.
Build Legal Security Around Your Crypto Activities with a Turkish Law Firm
In the fast-changing world of cryptocurrency, legal uncertainty can expose investors and businesses to serious risk. In Turkey, where enforcement authorities are increasingly active and the legal status of digital assets remains fluid, the need for professional guidance is more urgent than ever.
At ER&GUN&ER Law Firm, our English Speaking Turkish Lawyers provide full legal infrastructure for your crypto operations. From tax compliance to MASAK filings, from exchange registration to criminal defense, we offer clarity and protection in an evolving digital economy. As the best lawyer firm in Turkey for blockchain law, we help you grow securely, without legal friction.