TURKEY Law and Practice Contributed by: Caghan Tansel, TANSEL
How Does the Crypto Market Abuse Framework Differ From That Applied to Traditional Securities? The traditional securities framework is broader and more settled: insider dealing and market manipula- tion offences are built around “capital markets instru- ments”, issuers and price-sensitive non-public infor- mation. By contrast, the crypto framework is still narrower and more activity-based. General insider dealing and market manipulation offences should clearly apply where a crypto-asset itself qualifies as, or represents rights specific to, a capital markets instrument; however, they do not automatically map onto every listed crypto-asset in the same way they apply to listed shares or debt instruments. For other platform-traded crypto-assets, the main express rule is the Article 104-style “market-disrup- tive actions” regime under Article 35/C, combined with platform surveillance and reporting obligations. As a result, conduct such as wash trading, spoofing, abusive self-trading or unexplained price manipulation on a Turkish platform may be captured, but “trading on inside information” about a token listing, project announcement or protocol event is not yet regulated with the same detailed issuer-focused architecture that applies to traditional securities, unless the asset or transaction falls within the capital markets instru- ment perimeter. 2.6 Non-Compliance Notable Enforcement Actions and Consequences Türkiye’s crypto enforcement has so far focused mainly on bringing the market into the CMB licens- ing perimeter and blocking unauthorised online activ- ity, rather than on a long history of public sanctions against fully licensed crypto firms, since the regime is still relatively new. The CMB has repeatedly initiated access-blocking procedures for websites found to be providing unauthorised crypto-asset services to Turk- ish residents or offshore leveraged trading services, including decisions published in 2025 bulletins. The consequences of non-compliance may include: • access blocking; • suspension or restriction of activities; • removal from transitional lists; • administrative measures;
ability, manipulation risk, issuer/project-owner background, regulatory status and concentration of ownership; and • publish their current listed-assets list and listing procedure on their websites. For NFTs and in-game digital assets traded in a sepa- rate market outside the statutory listing regime, plat- forms must display a specific notice that those assets are outside the Capital Markets Law listing principles and are not subject to CMB supervision. Where a token constitutes or represents a capital markets instrument, standard securities disclosure/prospectus rules may become relevant in addition to the crypto platform rules. 2.5 Market Abuse Is There a Framework Dealing With Market Abuse/ Insider Trading, and If So What Behaviour Is Prohibited? Türkiye has a well-established market abuse frame- work under the Capital Markets Law for traditional capital markets, including insider dealing and market manipulation. Article 106 prohibits trading, amend- ing or cancelling orders on the basis of non-public information capable of affecting the price, value or investment decisions relating to capital markets instruments, where a benefit is obtained. Article 107 prohibits manipulative trading conduct, such as cre- ating a false or misleading impression about prices, price movements, supply or demand, and also prohib- its spreading false or misleading information, rumours, comments or reports to influence prices or investor decisions. For crypto-assets, the 2024 amendments added a more targeted platform-based rule: except for crypto- assets that the CMB considers to be widely traded and priced in foreign markets, Article 104 on market- disruptive actions applies to platform transactions that cannot be explained by a reasonable economic basis and that may undermine the platform’s reliable, transparent and stable operation. Platforms must also establish surveillance systems, detect and prevent disruptive conduct, restrict or close relevant accounts where necessary, and report their findings to the CMB.
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