Cryptocurrency Licensing in Turkey

Navigating Cryptocurrency Licensing in Turkey: Current Landscape and Future Outlook

Introduction

Cryptocurrency and blockchain technologies continue to transform global finance, prompting countries around the world to regulate this fast-evolving space. Turkey, a rapidly growing fintech hub at the crossroads of Europe and Asia, has witnessed a surge in interest from foreign investors looking to establish crypto-related businesses. However, the legal landscape for cryptocurrency licensing in Turkey remains undefined, with expectations of new regulatory frameworks in the near future.

In this article, we explore the current status of cryptocurrency licensing in Turkey, highlight the relevant authorities, and provide guidance on how foreign investors can navigate the evolving environment. We also refer to our earlier articles — Crypto Currency in Turkey (January 8, 2024) and Fintech Company Registration in Turkey (April 14, 2025) — for additional context.

Current Regulatory Environment

As of now, Turkey does not offer a dedicated cryptocurrency license. This means that companies engaged in crypto trading, wallet services, and blockchain-based financial platforms operate in a legal gray zone. The regulatory framework is anticipated to evolve soon, as government agencies intensify efforts to control financial technologies and safeguard user interests.

The Ministry of Treasury and Finance (link) and the Banking Regulation and Supervision Agency (BDDK) (link) are the primary bodies expected to oversee the cryptocurrency regulatory regime. Discussions about implementing a licensing model have been ongoing since early 2023, signaling that regulation is inevitable, especially in light of rising adoption and cross-border transactions.

Despite the lack of formal licensing, companies can still operate by registering as fintech entities and complying with broader financial services regulations. For a comprehensive guide, see our article on Fintech Company Registration in Turkey.

Market Demand and Investment Interest

Interest in the Turkish cryptocurrency market is booming. Turkey has one of the highest rates of crypto adoption in the region. This is driven by the country’s young population, technological savviness, and demand for alternative investment tools due to currency fluctuations.

The local market sees frequent announcements of new blockchain startups, crypto exchanges, and DeFi platforms, many of which are backed by foreign investors. The lack of a clear license regime has not discouraged investors — instead, it has made expert legal consultancy more essential than ever.

Many companies are preparing in advance, anticipating that early compliance will give them a competitive edge once formal regulations are introduced. Topics such as anti-money laundering (AML), Know Your Customer (KYC), data protection, and financial transparency are increasingly being built into corporate governance structures, even before regulations mandate them.

Related Developments and Previous Insights

At FO Consultancy, we’ve been actively monitoring and analyzing the trajectory of crypto and fintech regulations in Turkey. In our January 8, 2024 article, we provided a snapshot of the then-current situation, outlining how the Turkish government was in the consultation phase regarding crypto regulations.

By April 14, 2025, we examined fintech company registration processes in greater detail and explained how crypto-related businesses could set up operations using available legal frameworks, even without a distinct license. These pieces offer essential background for understanding the current position and where things may head in 2025 and beyond.

Anticipated Regulatory Models

Though Turkey has not released an official regulatory framework, models from the EU, UK, and UAE offer clues as to what may be expected:

• Licensing under a central financial authority (like BDDK)
• Capital adequacy requirements
• Regular reporting and audits
• Consumer protection protocols
• Blockchain transparency and traceability standards

Some industry insiders anticipate that Turkey may adopt a licensing model similar to the EU’s Markets in Crypto Assets (MiCA) regulation, which classifies various crypto activities and prescribes corresponding compliance standards.

How Can Foreign Investors Prepare?

Foreign investors interested in entering the Turkish crypto market should begin preparing now, even in the absence of final regulations. Key steps include:

• Structuring their entity: Registering as a joint stock or limited liability company
• Implementing compliance measures: KYC, AML, and data security protocols
• Seeking professional legal guidance: Understanding Turkish tax laws and company formation steps

FO Consultancy specializes in guiding foreign investors through these processes. Whether your interest lies in setting up a wallet service, DeFi project, NFT platform, or crypto exchange, early compliance planning can ensure you are first in line when licensing opens.

Why FO Consultancy Is the Preferred Partner

With years of experience advising foreign businesses, FO Consultancy is the go-to legal and business advisory firm in Turkey for crypto and fintech projects. Our multi-disciplinary team brings together experts in commercial law, financial regulation, IT law, and government relations.

We’ve supported startups, scale-ups, and multinational corporations in setting up their operations, securing regulatory permissions, and maintaining long-term compliance. Our past coverage of crypto and fintech trends in Turkey positions us as thought leaders in this evolving space.

Conclusion

Cryptocurrency licensing in Turkey is a developing space, but one filled with opportunity. As the country continues to develop its regulatory stance, early movers who take strategic steps today will benefit from future stability and growth.

Whether you’re exploring market entry, corporate structuring, or compliance strategy, FO Consultancy stands ready to support your journey in the Turkish crypto ecosystem. Get in touch to learn how we can help your business stay ahead in this dynamic regulatory environment.

Need tailored crypto legal consultancy in Turkey? Contact FO-Consultancy.com today to get started.