Introduction
Cryptocurrencies, which emerged with the launch of Bitcoin in 2009, have rapidly become an essential element of the global financial system. Turkey has not remained outside this transformation; in recent years, interest in crypto assets has grown significantly. However, as in many other jurisdictions, the legal status, regulation, and supervision of cryptocurrencies in Turkey continue to be debated.
Instead of opting for a complete ban, Turkey has chosen to regulate the market under certain legal frameworks to ensure investor protection and financial stability. This article examines cryptocurrency regulations in Turkey, focusing on existing legislation, judicial decisions, the practices of BDDK (Banking Regulation and Supervision Agency) and MASAK (Financial Crimes Investigation Board), as well as the expected future legal framework.
Legal Status of Cryptocurrencies in Turkey
Turkish law does not yet contain a direct statutory definition of cryptocurrencies. However, regulatory bodies have issued opinions and secondary legislation to define the scope of these assets.
- Not recognized as “money”: According to the Regulation on the Use of Crypto Assets in Payments issued by the Central Bank of the Republic of Turkey (CBRT) on April 16, 2021, crypto assets cannot be used as a means of payment.
- Neither securities nor electronic money: BDDK has clarified that cryptocurrencies are not considered “electronic money” under the Law No. 6493 on Payment and Securities Settlement Systems.
- Treated as assets: Legally, cryptocurrencies are recognized as property or assets. They can be subject to enforcement proceedings, inheritance distribution, or seizure.
Taxation of Cryptocurrencies
There is no specific tax legislation for cryptocurrencies in Turkey. However, under the current framework, taxation is interpreted as follows:
- Income Tax: Profits derived from cryptocurrency trading may fall under commercial income. Individuals who trade regularly on a commercial scale may be subject to income tax.
- Corporate Tax: Companies dealing in crypto assets are required to declare and pay corporate tax on their earnings.
- VAT (Value Added Tax): There is no clear position on whether VAT applies to cryptocurrency transactions. However, a statement from the Ministry of Treasury and Finance is expected in the future.
MASAK Regulations and Obligations
The most concrete step towards regulating the crypto market in Turkey has been taken by MASAK (Financial Crimes Investigation Board).
- With the Crypto Asset Service Providers Guide, effective as of May 1, 2021, crypto exchanges were classified as “obliged parties”.
- Accordingly, crypto exchanges must:
- Conduct customer identification (KYC),
- Report suspicious transactions,
- Keep transaction records for 10 years,
- Remain open to MASAK audits.
Through this regulation, crypto exchanges have been brought under AML (Anti-Money Laundering) obligations, similar to banks and other financial institutions.
The Role of BDDK and SPK
- BDDK: Declared that cryptocurrencies are not “electronic money.” It also monitors unlicensed fintech initiatives offering “crypto payments” or “virtual POS services.”
- SPK (Capital Markets Board): Has not yet fully clarified whether cryptocurrencies are securities. However, if crypto-based derivatives or funds are introduced in the market, SPK’s oversight will come into play.
Court Decisions on Cryptocurrencies
The Turkish judiciary has also started delivering important decisions regarding cryptocurrencies:
- The 11th Criminal Chamber of the Court of Cassation (Yargıtay) ruled that Bitcoin is not “money” in a legal sense but should be accepted as a “property value.”
- In enforcement law, some local courts have ruled that cryptocurrencies can be seized (confiscated) during debt collection proceedings.
- These rulings demonstrate that cryptocurrencies are gradually being recognized in the Turkish legal system.
Legal Status of Crypto Exchanges
Currently, cryptocurrency exchanges in Turkey are not subject to a licensing regime. However, due to MASAK obligations, they are required to operate in compliance with KYC and AML regulations.
In the near future, it is expected that:
- A licensing system under SPK or BDDK will be introduced for exchanges,
- Minimum capital requirements will be imposed,
- Investor protection mechanisms such as insurance or collateral systems will be established.
Comparison with International Regulations
- European Union (EU): In 2023, the EU adopted the MiCA (Markets in Crypto Assets Regulation), which provides a comprehensive regulatory framework for crypto markets.
- United States (US): The SEC and CFTC classify cryptocurrencies either as securities or commodities, leading to different regulatory approaches.
- Turkey: Has not yet introduced comprehensive legislation but is expected to align with EU standards in the upcoming years.
Future Outlook and Expected Regulations
A comprehensive Crypto Asset Law is expected to be introduced in Turkey. This law will likely cover:
- Licensing of crypto exchanges,
- Minimum capital and liquidity requirements,
- Clear taxation procedures,
- Enhanced investor protection measures,
- International cooperation mechanisms for combating financial crimes.
The main aim is to establish a secure and transparent framework that encourages innovation while minimizing risks for investors.
Conclusion
Cryptocurrencies are rapidly gaining traction in Turkey as part of the broader fintech revolution. However, the absence of a clear and comprehensive legal framework poses risks for both investors and the financial system.
At present:
- Cryptocurrencies cannot be used as a payment tool,
- Crypto exchanges are subject to MASAK obligations,
- Taxation remains ambiguous,
- No licensing framework has yet been implemented.
In the coming years, with the introduction of a Crypto Asset Law, Turkey is expected to adopt a regulatory model similar to the EU’s MiCA framework, thereby strengthening investor protection and fostering a sustainable crypto ecosystem.
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