Is Crypto Legal In Turkey? Turkey’s New Crypto Adoption Bill

IS CRYPTOCURRENCY LEGAL IN TURKEY? 

What Investors Should Know About Turkey’s New Crypto Adoption Bill

The new draft bill on Crypto in Turkey, when passed, is going to bring important changes, starting with the amendment of the Law on Capital Markets numbered 6362. This legal notice discusses the most important conclusions that can be drawn from the leaked Turkish crypto bill.

Is Crypto Legal in Turkey?

According to the new Turkish crypto bill draft, yes, crypto assets are considered digital money and they are to be regulated by the Turkish Central Bank and the Turkish Ministry of Commerce.

What is in the New Turkish Crypto Bill?

Under the proposed Turkish crypto bill, the selling, buying, brokering, public offering, advertising, transferring and advising on crypto assets are all subject to the rules and regulations of the Turkish Capital Markets Board (or “SPK”). Starting and operating Turkish crypto exchanges, initial coin offerings (coin launches in Turkey) and all crypto-related commercial activities are to be regulated by SPK.

Click to find out more about the rules and regulations concerning Turkish crypto exchanges.

What are the Obligations of Crypto Investors in Turkey?

Under the proposed legislation, crypto investors in Turkey may be required by crypto exchange platforms to disclose the sender wallet owner’s identity when receiving crypto into their wallet.

Can You Offer Investment Advice on Crypto in Turkey?

Under the proposed draft bill on Crypto in Turkey, offering investment advice or portfolio management services on crypto assets without explicit permission from the Capital Markets Board (SPK) is prohibited.

Is There a Crypto Transfer Limit in Turkey?

Under the proposed draft bill on Crypto in Turkey, The Capital Markets Board (SPK) is empowered to impose a maximum limit on crypto transfers.

Can You Advertise Crypto in Turkey?

Under the proposed legislation, conducting online advertising or making announcements related to crypto assets without explicit permission from the Capital Markets Board (SPK) is prohibited. Violation of this prohibition may result in blocking access to the website in question.

Is crypto mining legal in Turkey?

Currently, there is no law in Turkey that explicitly prohibits crypto mining. However, devices used for crypto mining in Turkey are subject to customs regulations and cannot be imported into Turkey without undergoing the proper importation process.

Is Crypto Taxed in Turkey?

Although there are currently no explicit crypto taxes in Turkey, the proposed Turkey’s crypto adoption bill suggests that crypto assets will be classified as digital money, making them subject to taxation once the bill is enacted.

Turkey Cryptocurrency Lawyer

Turkey cryptocurrency lawyer Baris Erkan Celebi and his cryptocurrency law firm in Turkey share legal updates on crypto news in Turkey and offer legal advice on Turkey’s cryptocurrency bills.