TURKEY Trends and Developments Contributed by: Sera Somay, Merve Kurdak and Doğa Pınarlı Dedebaş, Paksoy
ties in return for any capital markets instrument other than shares. Similarly, debt-based crowdfunding platforms are pro - hibited from carrying out activities that give rise to a debt relationship through any means other than the issuance and sale of debt instruments, or from engag - ing in crowdfunding activities in return for any capital markets instrument other than debt instruments. Under the Crowdfunding Communiqué, platforms shall not engage in funding activities intended to col - lect funds from Turkish residents for the benefit of natural or legal persons resident abroad. Neverthe - less, the participation of Turkish residents in crowd - funding activities conducted through foreign platforms is not subject to the provisions of the Crowdfunding Communiqué. However, where a foreign platform has established a workplace in Türkiye, operated a web - site in Türkiye, or conducted direct or indirect market - ing or promotional activities aimed at persons resident in Türkiye, the provisions of the Crowdfunding Com - The first crowdfunding platform of Türkiye, Vakıf Yatırım Menkul Değerler A.Ş., an affiliate of Türkiye Vakıflar Bankası T.A.O, was listed as a crowdfunding platform by the CMB in April 2021. As of 2026, there are 19 crowdfunding platforms operating in Türkiye. Notably, six new platforms have been established over the past two years, indicating growing momentum in the sector. 4. Crypto-Assets 4.1 Regulatory framework Among fintech models, one of the most recent and impactful developments has been the regulation of crypto-assets and crypto-asset service providers. The first regulation addressing crypto-assets under Turkish law was the Regulation on the Non-Use of Crypto-Assets in Payments issued by the CBRT in 2021. Pursuant to this regulation, crypto-assets can - not be used, either directly or indirectly, as a means of payment by individuals or entities operating in Türkiye. Moreover, payment service providers and electronic money institutions are prohibited from developing or offering business models that involve the direct or muniqué shall apply to such activities. 3.2 Crowdfunding market in Türkiye
indirect use of crypto-assets in the provision of pay - ment services or issuance of electronic money, and cannot act as intermediaries for funds transferred to or from platforms offering crypto-asset trading, custody, transfer or issuance services. While this prohibition remains in force, the first com - prehensive regulatory framework governing crypto- assets was introduced through an amendment to the Capital Markets Law No. 6362, which entered into force in July 2024. Through this long-awaited amendment in the law, various issues such as the nature of crypto-assets, trading platforms, issuance of capital market instru - ments as crypto-assets, and the activities and liabil - ity regimes of service providers have been addressed under Turkish law. The main clarifications introduced by this amendment may be summarised as follows: • It is accepted that crypto-assets may provide rights similar to capital market instruments but are not considered capital market instruments. • Trading services and custody services are defined as two separate types of services. • The CMB is designated as the regulatory authority for crypto-asset service providers, and the princi - ples applicable to service providers and platforms are to be determined by the CMB. • Entities operating as crypto-asset service providers are required to obtain a licence from the CMB. Following the enactment of the amendment, a prin - ciple decision issued by the CMB in August 2024 introduced initial rules regarding the establishment of platforms, including requirements relating to their shareholders, management and capital structure. This was followed by a further principle decision issued in September 2024, which introduced restrictions relat - ing to customer accounts, order-taking processes, and advertising and promotional campaigns, with a view to protecting investors and mitigating risks in the sector. In addition, certain issues to be considered by market participants during the transition period were highlighted. In December 2024, amendments were introduced into the legislation of the Financial Crimes Investigation
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