Turkey is one of the worlds most active cryptocurrency markets. But the answer to is it legal? needs to be precise – because two different rules apply.
60a. Legal status – two different rules
Buying, selling, and holding cryptocurrency in Turkey is entirely legal. Using cryptocurrency directly as a payment instrument has been prohibited since April 2021 under a Central Bank regulation.
What you can do: buy BTC or USDT, trade on licensed exchanges, hold in a wallet, convert to lira. What you cannot do: pay directly with crypto at a shop, restaurant, or any merchant.
In practice, however, the picture is more nuanced. Informal crypto payments – particularly USDT – do occur in Turkey, especially among foreigners and in some property transactions. The legal prohibition is clear on paper, but enforcement is not uniform across all areas. This is not a recommendation; it is an honest account of the reality on the ground. Anyone using this method should be fully aware of the legal risk.
60b. The 2024 legal framework
Law No. 7518, which came into force in July 2024, established Turkeys first formal crypto licensing regime. Exchanges operating under the supervision of the Capital Markets Board (SPK) must obtain a licence, comply with AML and KYC regulations, and meet minimum capital requirements of 100 million TL for platform services. In March 2025, the SPK published additional communiqués setting detailed licensing conditions.
60c. The transfer rule
Turkeys Travel Rule came fully into force in February 2025. For crypto transfers of 15,000 TL (approximately 300) or more, verified sender identity details are now mandatory. This rule is enforced by MASAK (the Financial Crimes Investigation Board).
60d. Tax situation
Turkey does not yet have a dedicated crypto tax law, but profits from trading are considered taxable under existing income tax legislation. Licensed exchanges automatically deduct a 0.03% transaction levy on every trade. If you make significant profits above the official GIB threshold, you are required to declare them as annual income. Exchanges are required to store user trade data for 10 years.
Sources: T.C. Sermaye Piyasası Kurulu (SPK) – https://www.spk.gov.tr | MASAK – https://www.masak.gov.tr | TCMB – https://www.tcmb.gov.tr
| Topic | Detail |
|---|---|
| Crypto payments legal? | Crypto as direct payment method banned since 2021 |
| Crypto ownership legal? | Yes – holding and trading permitted |
| Property purchase with crypto | Must convert to TL via bank first |
| Tax on crypto gains | Yes – treated as capital gain |
| Reporting threshold | All gains must be declared |
EXPERT ADVICE: Holding and trading crypto in Turkey is legal and well-supported. Using it to pay for goods or services is prohibited. Know the difference, stay on the right side of it, and keep records of your transactions.
P.S. Crypto payments and Turkish tax law is a topic where the details matter enormously and the rules are still evolving. I cannot put the full picture in a public guide but if you want to understand how this applies to your specific situation, reach out through the contact section. Some conversations are better had directly.
