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Crypto Exchanges & Regulation – Top exchanges in Türkiye by Coincub criteria
| Total population | 85,816,199 |
| GDP (in USD Millions) | 1,113,561 |
| Total # of universities | 209 |
| Leading blockchain universities | 33 |
| Jobs in blockchain | 169 |
| Bitcoin mining | 0.05% |
| CBDC stage | Proof of concept |
| Crypto received (in USD$) | 5.42B |
| Crypto sent | 5.12B |
| Bitcoin ATMs | 22 |
| Bitcoin nodes | 5 |
| Companies with bitcoin in treasury | 1 |
| Population % owning crypto | 19.3% |
| Crypto exchanges based in country | 22 |
| Bitcoin Interest | 26 |
| ICOs (Initial Coin Offerings) | 26 |
| ICOs energy | 1 |
| Fraud crypto score | 1 |
| Crypto financial services | 20/50 | |
| Web3 population adoption | 11/20 | |
| Web3 environmental impact | 6/20 | |
| Crypto trading | 11/20 | |
| Web3 talent | 10/30 | |
| Web3 proliferation | 9.5/30 |
I. Türkiye’de Kripto Varlık Ekosisteminin Regülasyonunda Kurumların Rolü Türkiye’de 02.07.2024 tarihinde Sermaye Piyasası Kanunu’na 7518 sayılı Kanun ile yapılan eklemelerle kripto varlık hizmet sağlayıcılarına (KVHS) ilişkin düzenlenmeler yapılmıştır. Türkiye’de kripto varlık hizmet sağlayıcılar için temel yetkili kurum olarak Sermaye Piyasası Kurumu (SPK) belirlenmiştir. SPK, kripto varlık hizmet sağlayıcılar içintemel gözetim ve denetim kurumudur. Bunun yanında; […]
Which continents lead the way in crypto adoptions, and which are falling behind? Do continents display individual traits and characteristics? And is China pulling down Asia in the crypto race? North America is the world’s top crypto continent North America takes the top spot as the leading crypto continent in the latest 2022 Coincub world crypto […]
Türkiye is moving up in our crypto rankings. Türkiye has a highly advanced digital and blockchain community and its central bank is making positive attempts to create a central bank digital currency (CBDC) known as the digital lira. That said, the central bank also banned the use of cryptocurrency as a method of payment in an attempt to dampen demand from its enthusiastic population – a similar move to Russia in the latter half of last year. High-profile fraud cases and inflation, not to mention a new round of anti-money laundering legislation and compliance requirements, without an overall regulatory policy on crypto, points to a country continually playing catch-up with new developments.
The Crypto Asset Law draft, which is said to have been ready for about 3 years by the relevant authorities in Türkiye, is expected to be presented to the parliament very soon. Türkiye will bring this bill to parliament to ensure the protection of consumers in crypto asset trading, as well as remove the country from the “grey list” of the international financial crime watchdog. By law, crypto asset service providers will be licensed by the Capital Markets Board (CMB), and minimum operating standards will be required including some conditions for founders and managers, organizational obligations, and capital requirements.
Türkiye has a buzzing crypto economy but now it is illegal to spend your crypto gains on goods or services. The formal reason is due to definitions – the crypto asset is seen as an asset, not a currency, so it can’t be used as a payment – this is the official stand, but it’s also a great way of keeping the lid on the crypto economy while so much crypto confusion reigns.
Cryptocurrencies are not accepted as currencies in Türkiye, and now the country has put in place legislation banning the use of cryptocurrency for the payment of goods and services – much the same as in Russia. This doesn’t mean that Türkiye isn’t a burgeoning crypto economy, though, because it is – the population has taken crypto to heart, and purchasing cryptocurrency as an investment is perfectly legal. So you can save it but not spend it – at least not in Turkey – which makes it a hoarder’s dream. All the leading exchanges operate, and there are plenty of ATMs where you can exchange your coins.
Mining is legal in Türkiye, but as we all know, it requires vast energy and massive computing power. In many countries, the cost is prohibitive, but when Bitcoin prices rise, so does mining activity. In Turkey, no specific law addresses cryptocurrency trading or mining. New tax laws applying to crypto taxation are sure to apply to mining, so watch this space.
Türkiye follows the pattern of many countries with large populations that have readily adopted cryptocurrency. Much activity is peer-to-peer; specific taxation policies must catch up to widespread adoption. As such, crypto trading has not been subject to particular taxation measures, but this is due to imminent change. Exchanges and crypto service providers fall within the standard 20% tax for businesses, but a new tax policy surrounding the purchase and trading of crypto assets is underway.
In addition to standard income tax that may apply to your crypto income, there is also the possibility of Value Added Tax as trading may be deemed a performance and sale of services. In this case, your liability could be 5% VAT on the revenue unless the monthly sales amount is within $1,300
The latest ban on crypto spending and the potential arrival of new tax laws means it’s difficult to see how using cryptocurrency for long-term investment plans will play out.
To a lesser or greater extent, all central banks worldwide are attracted to the idea of a central bank digital currency. This is not quite the same as trading popular cryptocurrencies such as bitcoin, but a means to have a controlled coin to facilitate cashless transactions without massive price speculations. In line with this, Turkey’s central bank has an R&D project underway to explore the concept of digital money. Having a ban on using cryptocurrency for spending instead inhibits mainstream banks from exploring opportunities to provide more comprehensive services; they can facilitate the transfer of funds to and from cryptocurrency exchanges on behalf of their customers.
As with all the countries dealing with cryptocurrency – even those that have banned it – Turkey is highly interested in the potential of blockchain technology. Turkey’s interest in blockchain is widespread and could be said to be one of the countries at the forefront of exploring its potential. One initiative, the Blockchain Turkey Platform, has the scope of creating a viable blockchain ecosystem throughout Turkey and helping the country take a lead in its development. Blockchain student communities have been established in many universities in Turkey. Young people are carrying out essential work on this issue. As with all countries, decentralized Finance (Defi) is a topic of debate. Whether Defi will replace the mainstream ebb and flow of financial systems is the biggest issue.
Yes, crypto assets can be bought and sold through crypto asset exchanges. However, payment for goods or services cannot be made with crypto assets. With the new law, banks can provide custody services for crypto assets. For this purpose, banks in Türkiye are preparing their infrastructure.
The ban on buying goods and services with crypto in Türkiye has left investment still legal but subject to the Anti Money Laundering requirements of the Financial Action Task Force, of which Türkiye is a member. Any individual or organization not complying is subject to severe penalties and fines. AML legislation tends to be relatively consistent in most countries – an obvious priority where cryptocurrency is booming. The legislation covers all crypto service providers, such as exchanges, wallets, and financial institutions. As a country with plenty of exchanges to choose from, on an individual level, it is always a good thing to check the record of the exchange you wish to deal with; some have better protection against fraud and loss, while fees and levels of customer service can vary.
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