Türkiye’s Cryptocurrency Regulations

In response to the increasing adoption of cryptocurrencies, Türkiye has implemented various regulations in this area.

While a Central Bank Regulation enacted in 2021 prohibited payments with cryptocurrencies, citizens in Türkiye are allowed to buy, hold, and sell them.

The ban on crypto payments faced backlash, prompting Turkish law firm GlobalB to challenge it in court. The first hearing of this lawsuit is scheduled for May 28, 2025, at the Council of State.

According to GlobalB’s founding partner, Lawyer Sima Baktaş, this case is crucial for Türkiye’s digital asset economy. A positive ruling could significantly benefit the digital economy and enhance the Blockchain ecosystem development.

Baktaş argues that liberalizing cryptocurrency payments could benefit the financial sector and improve payment system efficiency, making Türkiye a more attractive market for blockchain initiatives.

Historical Case in Crypto Payments

We are entering a critical period in our lawsuit against the Central Bank’s 2021 regulation banning crypto asset payments in Türkiye! The hearing will take place on May 28 in Ankara at the Council of State.

This case could be a major turning point for the entire ecosystem. A favorable court ruling would open the door for crypto payments in Türkiye, accelerating innovation and creating new opportunities for entrepreneurs, investors, and businesses. We will closely follow this important development.

Background on the Ban

The Central Bank of the Republic of Turkey (CBRT) issued a ban on direct or indirect use of crypto assets in payments with the “Regulation on the Non-Use of Crypto Assets in Payments,” published in the Official Gazette on April 16, 2021. The regulation, effective from April 30, 2021, states in Article 3 that “Crypto assets cannot be used directly or indirectly in payments.”

The CBRT justified the ban due to concerns over the lack of regulation and control mechanisms, absence of a central authority, excessive market volatility, and risks linked to illegal activities stemming from the anonymous nature of cryptocurrencies.

*This is not investment advice.