TURKEY Law and Practice Contributed by: Caghan Tansel, TANSEL
On the BIS/CBDC side, the CBRT’s Digital Turkish Lira project reflects international central-bank themes such as privacy, interoperability, “do no harm”, program- mable payments, offline payments and cross-border experimentation, but this remains a central bank digi- tal currency R&D track rather than a liberalisation of private crypto-assets for payment use. 2.2 Crypto-Asset Regulatory Frameworks How Are Crypto-Assets Characterised/Classified by Regulators in Türkiye? Turkish law defines crypto-assets broadly as intangi- ble assets that may represent value or rights, are cre- ated and stored electronically using distributed ledger technology or similar technology, and are distributed through digital networks. The framework does not yet adopt a detailed MiCA-style taxonomy separating, for example, asset-referenced tokens, e-money tokens and utility tokens. Instead, the regulatory approach is functional: the Capital Markets Law and CMB com- muniqués define crypto-assets, wallets, custody services, platforms, tokens and crypto-asset service providers, and the regulatory consequences depend mainly on the activity performed and the rights repre- sented by the asset. Are Crypto-Assets Subject to Existing Regulatory Frameworks in Türkiye, and Is There a Specific Regulatory Framework for Crypto-Assets? Türkiye has a specific crypto-asset regulatory frame- work under the Capital Markets Law, as amended by Law No 7518 in 2024, and the CMB’s 2025 secondary legislation. The two principal communiqués are Com- muniqué III-35/B.1, which governs the establishment, authorisation, operation and suspension of crypto- asset service providers, and Communiqué III-35/B.2, which regulates their services, operating principles, listing rules, settlement, capital and capital adequa- cy. Crypto-assets and crypto businesses may also be affected by other frameworks, including MASAK AML/CFT rules, the Central Bank payment restriction, data protection law, tax law, and general contract and consumer protection rules. Which Activities in Crypto-Assets are Regulated in Türkiye? The regulated perimeter primarily covers CASPs. This includes platforms where one or more of crypto-asset
trading, initial sale or distribution, exchange, transfer and related custody activities are carried out, as well as institutions providing crypto-asset custody ser- vices and other crypto-asset-related services desig- nated by CMB regulation. In practice, activities such as operating a crypto exchange, receiving and execut- ing customer orders, facilitating transfers, providing custody or private-key management, intermediating initial sales or distributions, and maintaining the relat- ed settlement and reconciliation infrastructure require CMB analysis and, where applicable, CMB authorisa- tion. AML obligations supervised by MASAK apply in parallel. Which Activities and Products in Crypto-Assets are Prohibited in Türkiye? Holding or trading crypto-assets is not prohibited as such, provided the relevant service provider oper- ates within the applicable regulatory framework. The clearest product-level prohibition remains payments: crypto-assets cannot be used directly or indirectly as a means of payment, and payment and e-money insti- tutions may not intermediate certain fund transfers to or from platforms providing crypto-asset trading, custody, transfer or issuance services. Unauthorised CASP activity is also prohibited, and CASPs must remain within the scope of activities approved by the CMB. These core restrictions are not framed around a retail/professional distinction; they generally apply regardless of whether the end user is a retail or pro- fessional client, although additional investor-protec- tion and capital-markets rules may become relevant depending on the product structure. Are Any New Crypto-Asset Regulations Coming Into Force in Türkiye in the Next 12 Months, and If So What Do They Cover? As of May 2026, no entirely new standalone crypto- asset statute has been officially announced as coming into force in the next 12 months. The main expect- ed developments are implementation and transition under the existing 2024–2025 framework: authori- sation processes, custody arrangements, capital adequacy, information-systems compliance, proof- of-reserves, remote onboarding and AML/Travel Rule compliance. In February 2026, the remote identifi- cation and electronic contracting communiqué was amended to include CASPs, and in March 2026 the
661 CHAMBERS.COM
Powered by FlippingBook