GDP per capital



  • Green


General adoption

With the high impact of the unexpected dismissal of the Governor of CBRT in March 2021; a rise in inflation, a sharp exchange rate depreciation and reduction in foreign reserves in recent years have led Turkish citizens to keep their savings in gold, foreign currencies, and cryptocurrencies in order to protect from the rapid depreciation of Turkish lira.

Government View

Since July 2021, Turkey has published new regulations regarding crypto whereas cryptocurrencies are not defined as a legal tender but as a financial asset.

Blockchain Projects

There isn’t much use in Turkey for blockchain in general but the regulations are very permitting. Lately, the Chinese blockchain project BSN expanded to Turkey and started operating in the field.

Taxes and Regulation

Under the new regulations, cryptocurrency is now legally defined as an asset in Turkey and is prohibited from use as a payment method. This means that Turkey joins India, Nigeria, Algeria, and Qatar in a list of countries that fully or partially ban cryptocurrency. Currently, crypto assets are not yet taxed, although this is soon set to change as the government is in the process of drafting laws for the purpose. The Turkish government plan a new act, as for taxation in the matter tax will be charged on holdings above a certain amount, and capital requirements will be introduced for companies with crypto exposure.

Trading Methods



The AML requirements for crypto entities in Turkey include; Client Id (Know Your Customer) STR (Suspicious Transaction Reports) Employee Training and Risk Management Procedures Audit by MASAK Documentation Retention All Suspicious Transaction Reports (STRs) must be submitted to MASAK. Documents from all reporting requirements, customer Id documents and other related materials to compliance must be kept by crypto asset trading firms for a period of 8 years after the last transaction of the counterparty/client.

Last Updated

Tuesday, 1 November, 2022

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