Cryptocurrency in Turkey

    As the world races toward digital finance, adopting cryptocurrencies as a digital asset is surging in the Turkish nation. Cryptocurrency doesn’t play a legal tender in the Turkish government but acts as a store of value for individuals and institutions in Turkey. 

    To stabilize Turkey's economy cryptocurrency played a crucial role as a hedge towards inflation in 2021 and 2023 soaring to 85.5%, leading to the downfall of the Lira. Trading cryptocurrency is most popular among digitally knowledgeable people and enthusiasts of cryptos and NFTs. With a large market boom, it can be a huge benefit for Turkey, leading to a significant stance and regulatory framework against cryptocurrency and exchanges. Turkey will see a growth of US$1.7bn by 2025 in crypto trading within the country, leading Turkey to rank as a global leader in crypto adoption.

    Crypto Adoption in Turkey

    In Turkey, there is a large rate of crypto adoption leading to over 5 million holders. Around 52% of the Turkey population in the age group between 18–60 are owning cryptocurrency. A big hand goes for the massive surge in crypto to the younger generation who are enthusiastic about blockchain, Web3, and innovation.

    Cryptocurrency is still not a legal tender in Turkey, instead seen as a new investment tool. People in Turkey mostly invest in popular crypto Bitcoin, which is considered as “digital gold.” Other stablecoins like USDT are also popular among Turkish crypto investors, where they trade crypto as an investment, remittance, and savings for the future.

    Government Stance on Cryptocurrency

    The Turkish government has shifted from skepticism to cautious support, aiming to balance innovation with financial security. The Capital Markets Board (CMB) now oversees the sector, aligning with global standards like the EU’s MiCA framework. Legally, cryptocurrency is not considered legal tender but an investment as digital gold.

    Popular Cryptocurrencies

    Bitcoin (BTC) dominates the crypto market, followed by Ethereum (ETH), the top choice to invest. Other stablecoins also see significant trading, driven by speculative interest and utility. Some popular crypto coins are:

    • iAgent Protocol $AGNT
    • Bitcoin BTC
    • Mubarak MUBARAK
    • Tutorial TUT
    • XRP
    • BinaryX BNX

    Popular Exchange/Platforms

    Every country has its regulatory framework that makes sure to invest and trade cryptocurrency through transparent and secure means. Turkey approved some platforms that follow the guidelines of Turkish law, making international and local cryptocurrencies able to be traded. Some popular exchanges are:

    • ByBit
    • Kraken
    • Bitexen
    • KuCoin
    • Coinbase

    Crypto Regulation in Turkey

    In 2024, Law No. 7518 established the first legal framework for crypto, mandating licenses for service providers and compliance with anti-money laundering (AML) rules. New regulations effective February 2025 require identity verification for transactions over 15,000 TRY (~$425).

    In March 2025, the CMB tightened rules, requiring crypto platforms to have at least 150 million TRY in capital and custody firms 500 million TRY. Penalties for non-compliance have stiffened, boosting market trust. Experts anticipate secondary regulations in late 2025, potentially introducing transaction taxes or stricter social media investment advice rules, aiming to curb scams while fostering growth.

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    Cryptocurrency Wallets in Turkey

    Types of Wallets: Hot wallets (e.g., mobile apps) and cold wallets (e.g., hardware devices) are common. Software wallets dominate daily use, while hardware wallets like Ledger gain traction for long-term storage.

    Wallet Adoption: Trust Wallet and MetaMask are widely used for their compatibility with DeFi platforms. Local solutions are emerging but lag behind global options in popularity.

    Security Concerns: A popular and common problem in cryptocurrency trading is phishing scams and money laundering. To stop another high-profile hack like the Thodex scandal in 2021, the Turkish government is taking the right measures by forming a solid and transparent crypto framework.

    Crypto Taxation in Turkey

    As of June 2024, capital gains from crypto are tax-exempt, a boon for investors. However, a proposed 0.03% transaction tax looms on the horizon. Every crypto user must report transactions exceeding 15,000 TRY under AML rules, though tax reporting remains unclear pending further legislation. Withholding tax on certain financial transactions rose to 15% in December 2024, but crypto-specific rates are undefined.

    Challenges: Ambiguity in tax laws and lack of enforcement infrastructure confuse users, with many unaware of potential future obligations.

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    Crypto Community & Education in Turkey

    Public awareness about crypto trading is high, with 40% of Turks reportedly investing in crypto by 2023. Blockchain education is growing popular in universities and online platforms. Events like the Blockchain Economy Istanbul Summit draw thousands, fostering dialogue between regulators and enthusiasts.

    Some local platforms like Koin Bulteni and global sites like Binance Academy provide accessible learning tools. Ali Eselioglu (CoinTR CEO) and Onur Gozupek (BtcTurk consultant) lead advocacy efforts, shaping public perception.

    Crypto’s Future in Turkey

    In a report, analysts predict a US$1.7bn in 2025 and a 10% annual growth rate in 2027, driven by adoption and regulatory clarity. User penetration could hit 35% by 2026. Supportive policies may attract institutional investors, though overregulation risks stifling startups. Turkey’s focus on growing cryptocurrency, blockchain in fintech, and supply chain management, through the latest innovation, signals a robust future ahead.

    Conclusion

    Turkey’s cryptocurrency scene in 2025 pulses with potential, fueled by economic grit and a hunger for financial freedom. As inflation-weary citizens and a forward-thinking government converge on digital assets, Turkey is crafting a unique crypto identity—one that balances regulation with opportunity. From bustling exchanges to a vibrant community, the nation’s journey is just beginning. With every trade and blockchain breakthrough, Turkey isn’t just adapting to the future; it’s building it.

    Frequently Asked Questions (FAQs)

    1. How do I start trading crypto in Turkey? 

    Open an account on a licensed exchange like Binance or Paribu, verify your identity, and deposit TRY.

    2. Is crypto legal in Turkey? 

    Yes, it’s legal for trading and holding, but not for payments.

    3. What’s the safest way to store crypto? 

    Use a hardware wallet like Ledger for long-term storage.

    4. Are crypto profits taxed? 

    Currently, no capital gains tax applies, but stay updated on changes.

    5. Which exchanges are regulated? 

    Platforms licensed by the CMB, like CoinTR, are regulated.

    6. What’s staking? 

    It’s earning rewards by locking up crypto to support a blockchain network.

    7. Can I use crypto for remittances? 

    Yes, via stablecoins, though not as direct payments.

    8. What security risks should I know? 

    Beware of phishing and unverified platforms.

    9. How do regulations affect trading? 

    They increase trust but may raise fees.

    10. Where can I learn more? 

    Check Koin Bulteni or Binance Academy.