1. Introduction: The Need for Regulation in the Crypto Ecosystem
Cryptocurrency exchanges—whether centralized or decentralized—facilitate the trading of digital assets. Although Turkey ranks among the countries with the highest rates of crypto adoption, for many years it operated without a clear, comprehensive legal framework governing these platforms.
Due to concerns such as investor protection, anti-money laundering, and financial transparency, Turkish regulators have begun placing greater focus on the licensing and tax obligations of crypto asset service providers (CASPs).
2. Existing Legal Framework
As of today, there is no specific legislation that directly regulates cryptocurrency exchanges in Turkey. However, the following laws and regulations apply indirectly:
- AML Obligations (Law No. 5549 on the Prevention of Laundering Proceeds of Crime)
- Crypto asset service providers are classified as “obligated parties” and must comply with Know-Your-Customer (KYC) and Suspicious Transaction Reporting requirements.
- Turkish Code of Obligations & Turkish Commercial Code
- Legal evaluations of digital asset custody and trading are subject to general contract and commercial law principles.
- Turkish Criminal Code
- Provisions on fraud, cybercrimes, and other offenses are applicable to criminal acts involving cryptocurrencies.
3. Licensing Process and Draft Law Developments
As of 2024, a draft Crypto Asset Law prepared jointly by the Ministry of Treasury and Finance and the Capital Markets Board (SPK) has been submitted to the Turkish Parliament. The proposed law aims to:
- Introduce SPK licensing for crypto asset service providers
- Require minimum capital and internal control systems
- Establish asset custody and segregation rules
- Appoint responsible managers and enforce transparency obligations
- Mandate authorization for foreign exchanges operating in Turkey
Once enacted, this law would effectively categorize crypto exchanges as regulated entities, significantly enhancing investor protection and legal certainty.
4. Taxation of Crypto Exchanges and Investors
Currently, Turkey does not have a specific tax regime tailored to cryptocurrencies. However, under general tax principles, certain obligations may arise:
a. Income Tax (for Individuals)
- Profits from crypto trading may be classified as capital gains under “other income and earnings.”
- Regular, systematic trading could be treated as a commercial activity, subject to income tax.
b. Corporate Tax (for Legal Entities)
- Companies engaged in crypto trading are subject to corporate income tax on their profits.
c. VAT (Value-Added Tax)
- Crypto assets are generally not subject to VAT, as they are considered akin to currency.
d. Tax Procedure Law Obligations
- Exchanges may be required to issue invoices, keep books, and submit tax declarations under current accounting and reporting standards.
5. International Compliance: FATF and EU Alignment
As a member of the Financial Action Task Force (FATF), Turkey is obligated to implement international AML standards. This includes:
- Applying the Travel Rule for crypto transfers (transmitting sender and recipient information)
- Conducting customer risk classification
- Facilitating cooperation with foreign exchanges and regulators
On the EU front, the MiCA Regulation (Markets in Crypto-Assets) was adopted in May 2023. Turkey is expected to gradually align with these European standards.
6. Legal Risks and Compliance Recommendations
Due to the lack of a specific regulatory framework, both investors and crypto exchanges are exposed to certain risks:
- For investors: custody and insolvency risks, lack of legal remedies
- For exchanges: risk of operating without authorization, potential administrative fines
- Dispute resolution remains uncertain in the absence of clear legal procedures
For these reasons, crypto businesses in Turkey should proactively seek legal and tax advisory support to ensure full compliance.
7. Conclusion
The legal and tax treatment of cryptocurrency exchanges in Turkey is evolving. With licensing obligations and taxation rules expected to become clearer in the near future, crypto platforms operating in or entering the Turkish market should begin preparing their compliance and registration strategies today.
Long-term sustainability and investor trust in the crypto market can only be achieved through transparent, predictable, and well-enforced regulations.
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