Prohibitions and Restrictions for Crypto Companies in Turkey

Prohibitions and Restrictions for Crypto Companies in Turkey

4.1 Payment Prohibitions

• As per the Central Bank Regulation (16 April 2021), crypto assets cannot be used as a means of payment for goods and services in Turkey, either directly or indirectly.

• Payment and electronic money institutions are prohibited from mediating or facilitating crypto payments.

4.2 Advertising and Public Offers

• Direct or misleading advertising of crypto assets is restricted, especially for investment or token sale schemes.

• Marketing must be clear, non-misleading, and compliant with consumer protection law.

4.3 Token Offerings and Investment Schemes

• Unlicensed public token offerings (ICOs) and investment promises are considered illegal and may be prosecuted as unauthorized capital markets activity.

• Ponzi schemes, investment pools, and unauthorized financial services are strictly prohibited.

4.4 Banking Integration and Fiat Gateways

• Turkish banks may refuse to open accounts for unregistered or non-compliant crypto companies.

• Some banks offer services only to companies fully registered with MASAK and compliant with AML/CTF requirements.

4.5 Other Prohibited Activities

• Crypto companies may not offer derivative products, leveraged trading, or “futures” contracts without explicit SPK approval.

• Cross-border transfer of crypto assets is monitored and may trigger capital movement controls.

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5. Licensing and Special Permissions

5.1 Current Licensing Regime

As of July 2025, there is no dedicated crypto company license in Turkey. Instead, notification and compliance requirements serve as a de facto licensing mechanism for exchanges and wallet providers.

• The MASAK notification/registration is mandatory for all service providers.

• Additional licensing may be required if the company provides financial intermediation or investment services (SPK license).

5.2 Expected Regulatory Developments

• Draft bills pending in the Turkish Parliament propose the introduction of a formal crypto asset service provider license.

• Future regulations are expected to include capital adequacy requirements, IT/cybersecurity audits, regular SPK inspections, and stricter KYC obligations.

5.3 Banking and Payment Integration

• Banks may impose their own due diligence and risk assessment before offering accounts or fiat-crypto integration.

• Some companies use foreign banking arrangements, but cross-border payment restrictions apply.

5.4 Insurance and Security Requirements

• Regulatory authorities may require insurance coverage for customer assets in the future.

• Security audits and periodic penetration testing are recommended best practices.

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6. Conclusion and Practical Considerations

Establishing and operating a crypto company in Turkey involves complex legal and compliance challenges. While there is significant market potential, especially for exchanges and blockchain technology providers, the regulatory framework is evolving and may change rapidly. Entrepreneurs should:

• Engage experienced legal and compliance counsel before entering the Turkish crypto market.

• Monitor legislative developments and MASAK/SPK press releases.

• Implement robust AML/KYC, cybersecurity, and data protection policies.

• Maintain transparent and ethical business practices to build credibility with both customers and regulators.

Legal Disclaimer: This article is for informational purposes only and does not constitute legal advice. Entrepreneurs are encouraged to seek tailored legal consultation before taking any steps toward establishing a crypto business in Turkey.