Crypto assets in Turkey - read in the blog of the company COREDO

Crypto assets in Turkey


Despite not having any special legislation for crypto-asset deals, the local government of Turkey monitors all cryptocurrency activities closely. That is why it is worth learning about the regulatory aspects of financial transactions in the country prior to registering a cryptocurrency business there.


As for the regulators of crypto asset activities in Turkey, no government agencies, not even the CMB, are considered competent enough. However, a dedicated group of agencies has been created to oversee cryptocurrency traders’ activities. It consists of the BRSA, TCB, and CMB.

Legal status

Besides online exchanges, cryptocurrencies in Turkey are mostly used by IT and real-estate companies. Yet, none of these market actors are granted a license by Turkish regulators mentioned earlier in the article.

Finances and investments

The BRSA has stated its own definition saying that cryptocurrencies are not considered e-money and are not to be supervised by the PSS Act. Thus, this organization does not have a mandate to regulate cryptocurrency activities in Turkey.

It is important to take into account that registered investment institutions in Turkey are not allowed to perform transactions with cryptocurrency-involved derivatives. This aspect is especially crucial to consider for those planning to register their own company there.


Since the Turkish Republic does not have any specific legal regulation for cryptocurrencies, the legal status of ICOs is rather unclear, too. Varying from its type, an ICO launch in Turkey can be comparable to a PCO launch or crowdfunding. If so, the CMB is responsible for regulating it.

Due to the same reason of a lack of regulation, investors are not much limited either. The Turkish Republic applies the same legal requirements as for regular financial instruments.


In late 2019 fundraising via equity capital became regulated by a newly issued CMB circular.


The offer of cryptocurrencies is not governed by any conditions in Turkey. Consequently, cryptocurrency exchanges and online trading platforms offer their services via banking institutions. Therefore, banking institutions are the ones to abide by KYC and AML obligations. Hence, to register a cryptocurrency company in Turkey it is necessary to follow the requirements of a compliance officer and KYC.

Banking institutions

Lately, both private and public banking institutions in Turkey stopped allowing their customers to open cryptocurrency accounts. It means that now it is still possible to open a corporate account for a cryptocurrency company if you do it through an online trading platform. On these platforms, accounts are not connected to cryptocurrencies and only conduct payments through bank accounts.

The final word

The Turkish Republic does not have any laws dictating allowing or forbidding individuals to process cryptocurrency transactions. Yet, despite the absence of proper crypto asset regulation, blockchain technology is being actively incorporated into daily operations.

Experts from COREDO are prepared to help you learn more about cryptocurrency regulation or company registration in Turkey. We will assist you in resolving any legal issues or coming up with a plan for your own crypto business.



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