Turkey has taken a major leap in regulating its booming cryptocurrency market. On March 13, 2025, the Turkish Capital Markets Board (CMB) published two landmark communiqués in the Official Gazette (No. 32840) that establish detailed licensing, operational, and capital requirements for crypto asset service providers — a framework that positions Turkey alongside the European Union’s MiCA regulation as one of the most comprehensive crypto regulatory regimes globally.
TL;DR
- Turkey’s CMB published Communiqué III-35/B.1 and III-35/B.2 in the Official Gazette on March 13, 2025
- The regulations establish licensing requirements, capital thresholds, and operational standards for CASPs
- Exchanges need minimum TRY 150 million ($4.1M) capital; custodians need TRY 500 million ($13.7M)
- Foreign CASPs face restrictions under a reverse solicitation principle
- Most rules take effect June 30, 2025, with full implementation by year-end
The new communiqués — formally titled Communiqué No. III-35/B.1 on the Establishment and Operating Principles of Crypto Asset Service Providers, and Communiqué No. III-35/B.2 on Working Procedures and Capital Adequacy — represent the secondary legislation implementing Turkey’s broader Capital Markets Law amendments from 2024. Together, they complete the regulatory architecture that Turkey has been building to oversee one of the world’s largest crypto markets.
Why Turkey Needed This Framework
Turkey became the world’s fourth-largest cryptocurrency market by trading volume in 2024, driven by economic instability, a depreciating lira, and inflation that eroded confidence in traditional financial instruments. With over 70% of the population familiar with Bitcoin and cryptocurrency by 2023, the government recognized that the lack of a formal regulatory framework created risks for consumers and the financial system alike.
Since April 2021, when the Central Bank of the Republic of Turkey (CBRT) prohibited the use of cryptocurrency for goods and services payments, the country has been in a regulatory grey zone. Holding, trading, and exchanging crypto remained legal, but platforms operated without formal licensing or oversight. The March 13 communiqués change that decisively.
Key Requirements for Crypto Platforms
The regulations impose a comprehensive set of obligations on Crypto Asset Service Providers (CASPs) operating in Turkey:
Licensing: All CASPs — including exchanges, custodians, and wallet service providers — must obtain authorization from the CMB before operating. This involves meeting minimum capital thresholds, demonstrating technical infrastructure, and passing background checks on executives and shareholders.
Capital Adequacy: Crypto exchanges must maintain minimum paid-in capital of TRY 150 million (approximately $4.1 million), while custodians face a substantially higher threshold of TRY 500 million (approximately $13.7 million). These figures ensure that only well-capitalized entities can participate in the market.
Custody Rules: Custody services are now restricted to banks and authorized institutions only. This requirement mirrors traditional securities market protections and is designed to safeguard customer assets against the kind of exchange collapses that have plagued the global crypto industry.
AML Compliance: Mandatory identity verification kicks in for transactions exceeding TRY 15,000 (approximately $425). CASPs must implement full anti-money laundering and counter-terrorism financing measures in line with Financial Action Task Force (FATF) standards, overseen by Turkey’s Financial Crimes Investigation Board (MASAK).
Foreign Platforms Face New Restrictions
One of the most significant provisions targets foreign crypto platforms serving Turkish customers. Under a “reverse solicitation” principle, non-resident CASPs are restricted from actively marketing to Turkish users or establishing a local presence without CMB authorization. This means global exchanges like Binance and OKX, which already operate Turkish-facing platforms (Binance TR, OKX TR), will need to either secure CMB licenses or wind down their Turkish operations.
The provision aims to prevent regulatory arbitrage and ensure that all platforms serving Turkish customers meet the same standards. It also grants the CMB enforcement authority over non-compliant foreign platforms, including the ability to block access to their services within Turkey.
Alignment with Global Standards
Turkey’s regulatory framework draws heavily from the European Union’s Markets in Crypto-Assets (MiCA) regulation, reflecting a growing trend of jurisdictions adopting similar approaches to crypto oversight. Key parallels include the licensing regime for CASPs, capital adequacy requirements, custody protections, and AML mandates.
The regulations also require integration with the Turkish Central Securities Depository (MK), creating a bridge between traditional capital market infrastructure and the crypto ecosystem. This integration could pave the way for tokenized securities and other hybrid financial instruments in the future.
Timeline and Implementation
Most provisions of the new communiqués take effect on June 30, 2025, giving existing CASPs roughly three and a half months to achieve compliance. Full implementation of all requirements — including technical integration with MK and advanced reporting obligations — extends to the end of 2025.
Existing platforms that are currently operating in Turkey will need to submit license applications within the transition period or cease operations. The CMB has indicated it will process applications on a rolling basis, with priority given to platforms that already have established Turkish entities and compliance programs.
Why This Matters
Turkey’s new crypto regulations represent a watershed moment for one of the world’s most active cryptocurrency markets. With an estimated 8 million crypto users in the country and trading volumes that consistently rank among the top five globally, the regulatory framework will directly affect millions of retail investors and dozens of platforms.
The move also sends a signal to other emerging market economies grappling with crypto adoption. Rather than banning or ignoring the industry, Turkey has chosen to regulate it — setting capital requirements, mandating custody protections, and establishing clear licensing pathways. As countries from Brazil to India weigh similar frameworks, Turkey’s approach offers a working model for balancing consumer protection with innovation.
For the global crypto industry, the regulations add another major jurisdiction to the list of those with formal oversight regimes. Combined with the EU’s MiCA, the US GENIUS Act progress, and similar initiatives in Asia, 2025 is shaping up to be the year crypto regulation moves from exception to norm worldwide.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Cryptocurrency regulations vary by jurisdiction and are subject to change. Always consult qualified professionals regarding compliance and investment decisions.
finally. turkeys been the wild west for crypto since 2021 when the central bank banned payments but everyone just kept trading on binance and bybit anyway. actual rules are overdue
500 million lira capital requirement for custodians is roughly 13.7 million dollars. that will wipe out most local exchanges overnight. only the big players survive this consolidation
70% of turks know about bitcoin but the lira lost like 80% against the dollar in five years. you think these regulations are about protecting consumers? its about controlling capital flight
reverse solicitation principle is interesting. basically means foreign platforms cant actively market to turkish users. wonder how they plan to enforce that on telegram and twitter