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Turkey

A huge retail crypto market moves into licensing: 43 platforms await CMB permits while 56 others wind down, and crypto payments stay banned.

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43Trading platforms on the CMB's transitional operating list
56Crypto firms on the CMB's liquidation list
TRY 250mMinimum capital for a crypto trading platform in 2026 (custodians: TRY 630m)

Turkey's crypto boom grew out of high inflation and a weak lira, and for years regulation meant bans and AML rules rather than licences.

In April 2021 the Central Bank of the Republic of Turkey (CBRT) banned crypto as a means of payment and barred payment and e-money firms from routing money to crypto platforms; days later the Thodex exchange collapsed.

Within weeks the platforms themselves became obliged parties under the MASAK anti-money laundering rules.

Read the full story

The turning point was Law No. 7518, in force on 2 July 2024, which amended the Capital Markets Law and placed crypto asset service providers under the Capital Markets Board (CMB, known locally as SPK).

Existing firms had one month to declare that they would apply for a licence or wind down.

The CMB issued its two core communiqués on 13 March 2025, and TÜBİTAK, the state research agency, published the security standards that every platform's IT systems must meet.

Implementation has been slow and strict.

The CMB's transitional list of 1 October 2026 named 43 trading platforms and 9 custody applicants, while 56 firms were on its liquidation list.

No custodian was authorised by March 2026, so the CMB put off both the custody contract deadline and the authorisation deadline until authorised custodians are widely serving platforms.

The first custody operating permits went to Akbank, Garanti BBVA and Yapı Kredi in June 2026, but no trading platform had an operating permit by early October 2026, and in September 2026 the CMB barred Bitexen from taking new customers or listing new tokens.

MASAK added travel rule duties in February 2025 and, from June 2025, 48 to 72 hour withdrawal holds and a $3,000 daily cap on stablecoin withdrawals.

For builders, Turkey is a large market that is costly to enter.

A platform needs TRY 250 million in capital in 2026, TÜBİTAK-compliant systems, client assets held with an authorised custodian, and full MASAK compliance, and foreign exchanges serving Turks without a licence get blocked.

Crypto tax is still unsettled: a 0.03% transaction tax and 10% withholding on gains were dropped from a bill in March 2026.

Who regulates

  • CMBCapital Markets Board of Türkiye (Sermaye Piyasası Kurulu, SPK)

    In charge of

    Turkey's capital markets regulator under the Capital Markets Law No. 6362: it oversees securities issuance, listed companies, investment firms, funds and exchanges.

    On crypto

    Since Law No. 7518 took effect on 2 July 2024 it licenses crypto trading platforms and custodians under its March 2025 communiqués. It granted the first custody permits in June 2026; by October 2026 43 platforms sat on its transitional list and 56 firms on its liquidation list.

    CMB website
  • CBRTCentral Bank of the Republic of Türkiye

    In charge of

    Turkey's central bank, whose main goal is price stability: it sets monetary policy, issues the lira and regulates payment systems, payment institutions and e-money firms.

    On crypto

    Its regulation in force since 30 April 2021 bans using crypto to pay for goods and services and bars payment and e-money firms from routing funds to crypto platforms. It is building a digital Turkish lira, moving 23 projects into sandbox testing in August 2026.

    CBRT website
  • MASAKFinancial Crimes Investigation Board

    In charge of

    Turkey's financial intelligence unit, part of the Ministry of Treasury and Finance. It sets AML/CFT rules, receives suspicious transaction reports and investigates financial crime.

    On crypto

    Crypto providers have been MASAK obliged parties since May 2021. It added travel rule duties from 25 February 2025 and, from June 2025, 48 to 72 hour withdrawal holds and caps on stablecoin withdrawals of $3,000 a day and $50,000 a month.

    MASAK website
  • TÜBİTAKScientific and Technological Research Council of Türkiye (BİLGEM)

    In charge of

    Turkey's state research agency, which funds and carries out scientific and technology research; its BİLGEM institute works on information security and blockchain.

    On crypto

    Published the information systems and technology criteria for crypto service providers in May 2025, covering wallet security, key management, governance and business continuity. Platforms and custodians need systems certified against them to obtain CMB permits.

    TÜBİTAK website

What to watch

  • The first full operating permits for trading platforms, now that authorised custodians exist, and the new CMB deadlines for custody contracts and authorisation; new entrants such as Yapı Kredi, Fiba, Goldtag and Ahlatcı hold only establishment permits so far.
  • Whether the government brings back a crypto tax after the March 2026 withdrawal of the 0.03% transaction tax and 10% withholding proposals.
  • Further consolidation as firms move from the CMB's transitional list to its liquidation list, and continued blocking of unlicensed foreign sites.
  • CBRT development and sandbox testing of 23 digital Turkish lira projects, many of them on tokenisation and programmable payments.

Quick answers

Who regulates crypto in Turkey?

Four authorities shape crypto rules in Turkey. CMB (Capital Markets Board of Türkiye (Sermaye Piyasası Kurulu, SPK)): licenses and supervises crypto asset trading platforms and custodians under the Capital Markets Law as amended by Law 7518. CBRT (Central Bank of the Republic of Türkiye): bans crypto as a means of payment, supervises payment and e-money firms and runs the digital Turkish lira project. MASAK (Financial Crimes Investigation Board): turkey's financial intelligence unit; sets AML/CFT duties, the travel rule and withdrawal limits for crypto service providers. TÜBİTAK (Scientific and Technological Research Council of Türkiye (BİLGEM)): sets and audits the information systems and technology criteria that crypto service providers must meet.

Do crypto exchanges need a licence in Turkey?

Yes, though the regime is narrow or still phasing in. Law 7518 puts platforms under the CMB; 43 operate on a transitional list, none fully authorised yet. The main licences are Crypto asset trading platform (Kripto Varlık Alım Satım Platformu) operating permit from CMB; and Crypto asset custodian (Kripto Varlık Saklama Kuruluşu) operating permit from CMB, held by 3 as of 3 Oct 2026. Four Pillars rates exchange licensing in Turkey as partial (reviewed 5 Oct 2026).

Are stablecoins regulated in Turkey?

Only in narrow cases. No issuance regime; crypto payments banned since 2021; stablecoin withdrawals capped at $3,000 a day. Four Pillars rates its stablecoin regime in Turkey as restricted (reviewed 5 Oct 2026).

How is crypto taxed in Turkey?

No crypto-specific tax; a 0.03% transaction tax and 10% withholding were dropped in March 2026. Four Pillars rates tax clarity in Turkey as developing (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Turkey?

Not fully yet: the regime is being built. No token offering regime yet; CBRT digital lira tests include 15 tokenisation projects. Four Pillars rates tokenisation and real-world assets in Turkey as developing (reviewed 5 Oct 2026).

What changed most recently in Turkey's crypto rules?

3 Aug 2026: CBRT selects 23 digital lira projects. Projects from 12 banks and 6 payment firms moved to development and sandbox testing. 4 Jun 2026: First crypto custody permits granted. Akbank, Garanti BBVA and Yapı Kredi received CMB operating permits as crypto asset custodians.

What should companies watch next in Turkey?

The first full operating permits for trading platforms, now that authorised custodians exist, and the new CMB deadlines for custody contracts and authorisation; new entrants such as Yapı Kredi, Fiba, Goldtag and Ahlatcı hold only establishment permits so far. Whether the government brings back a crypto tax after the March 2026 withdrawal of the 0.03% transaction tax and 10% withholding proposals. Further consolidation as firms move from the CMB's transitional list to its liquidation list, and continued blocking of unlicensed foreign sites.

Timeline

  1. CBRT selects 23 digital lira projects

    Projects from 12 banks and 6 payment firms moved to development and sandbox testing.

  2. First crypto custody permits granted

    Akbank, Garanti BBVA and Yapı Kredi received CMB operating permits as crypto asset custodians.

  3. CMB extends crypto authorisation deadlines

    No authorised custodian yet existed, so the deadlines for platforms to sign custody contracts and for listed firms to obtain authorisation will be set only once authorised custodians are widely serving platforms.

  4. Crypto tax provisions withdrawn

    A 0.03% transaction tax and 10% withholding on platform gains were removed from an omnibus bill in parliament, which became Law No. 7577 on 17 April 2026 without them.

  5. MASAK adds withdrawal holds and stablecoin limits

    General Communiqué No. 29 set 48 to 72 hour holds and $3,000 daily and $50,000 monthly caps on stablecoin withdrawals.

  6. TÜBİTAK publishes IT security criteria

    The criteria cover wallet security, key management, information security and business continuity for crypto firms.

  7. CMB issues its crypto communiqués

    III-35/B.1 and III-35/B.2 set out licensing, governance, custody, listing and capital rules.

  8. MASAK travel rule takes effect

    Rules published on 25 December 2024 require originator and beneficiary data on crypto transfers.

  9. Deadline for existing crypto firms to declare

    Firms had to tell the CMB they would seek a licence or wind down, with liquidation decisions due by 2 October 2024.

  10. Law No. 7518 takes effect

    It amended the Capital Markets Law and made crypto asset service providers subject to CMB licensing and supervision.

  11. Crypto platforms become MASAK obliged parties

    A presidential decision brought crypto asset service providers under Turkey's AML/CFT measures.

  12. Central Bank bans crypto payments

    The regulation, in force from 30 April 2021, barred using crypto to pay and stopped payment firms routing funds to crypto platforms.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Turkey crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/turkey. Free to reuse with attribution; also as markdown and JSON.

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