A potential ruling could reshape Turkey’s crypto landscape, opening new opportunities for exchanges and investors.
Legal Battle Against Turkey Crypto Payment Ban
GlobalB, a Turkish law firm, is set to challenge the country’s ban on crypto payments in a hearing scheduled for May 28. While Turkish citizens can buy, hold, and trade digital assets, using cryptocurrency for payments has been prohibited since 2021 by the Central Bank of the Republic of Turkey.
Economic Benefits of Crypto Payments
GlobalB’s argument centers on the long-term economic advantages of allowing crypto transactions. “The ability to use crypto for payments would accelerate financial innovation, create more inclusive and efficient payment systems, and position [Turkey] as a hub for blockchain adoption,” said Sima Baktaş, the firm’s founding partner. The firm aims to demonstrate how legalizing crypto payments could attract global investment.
Turkey’s Evolving Crypto Regulations
Despite the payment ban, Turkey has been working towards a more crypto-friendly regulatory framework. In 2024, the government introduced licensing procedures for crypto asset providers, leading to applications from major exchanges like Binance TR, OKX TR, and Bitfinex. Stricter Anti-Money Laundering (AML) measures also took effect, requiring reporting for transactions above 15,000 Turkish lira ($412).
Banks and Crypto Services in Turkey
Several Turkish banks, including BankPozitif and Misyon Bank, have begun offering crypto services through partnerships with Swiss platform Taurus. The government has denied plans to impose taxes on crypto profits, further fostering a supportive environment for digital asset adoption.
Rising Crypto Adoption Among Turkish Citizens
Turkey has seen significant growth in crypto adoption. A 2021 poll showed an elevenfold increase in crypto users. By 2023, the number of crypto users had risen by 12%, and in 2024, the country’s cryptocurrency ownership rate reached 19.3%.
Potential Impact of the Legal Challenge
Baktaş believes that this lawsuit could set a precedent for shaping future regulations. “A positive ruling could also pave the way for new business models, particularly for crypto platforms seeking licenses,” she stated. The case represents an opportunity to create a well-regulated yet dynamic environment that encourages innovation while ensuring compliance.
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