Turkey Prepares New Crypto Law to Align With International Standards

[pinggoki]

I think there are several reasons why Turkey drafted this law. Firstly to protect against fraud and market manipulation, secondly to ensure crypto trading is not used for illegal activities such as money laundering and terrorism financing. As far as I know, previously Turkey already had several crypto regulations. These regulations include obligations for crypto exchanges to register with the government and comply with anti money laundering (AML) and counter financing terrorism (CFT) regulations. However, this regulation does not regulate crypto trading in detail, such as trading mechanisms, investor protection, and taxation. So a new crypto law was created that regulates it in more detail. Moreover, this is also an effort to get Turkey off the gray list of financial crime watchdogs.

If you read the whole thing, you would never be speculating for the reasons why they drafted this law, although I can see that it's the same thing as the real reason. It's always been the case with this kind of events or legislations, they want to make something clear so they can properly uphold the law. I feel like the other reason why they want to get out of the gray list is probably because they're planning something that would involve some big spending and they probably want to ask for a really big loan to fund those big spending projects, I just hope that the Turkish masses would benefit in all of those motives. I hope that more countries would follow what Turkey's doing right now, cryptocurrency adoption is an inevitable thing, it's more expensive and tiring for most government to stop them rather than adapt to the changes.

[Lucius]

You are right that in Turkey the cryptocurrency law exists only on paper. I have already realized why there is no such law in Russia

You don't have to say that I have a negative attitude towards Europe. Europe has always had countries with deficit budgets, and now these countries have been deprived of cheap gas and other raw materials. In a market economy it will be hard for these countries without cheap loans and support.

You cannot escape from what you are, and that is to repeat the same things that your politicians persistently repeat - and that is that the EU will fail because there is no cheap oil, gas or anything else from Russia. But no one in the EU has frozen, no one drives cars less than before and no one is too affected by the lack of trade with Russia. In addition, there is enough money - since the beginning of your country's aggression against Ukraine, the EU has sent aid of more than EUR 88 billion and the aid will continue to arrive in the future because the average person understands that the EU is defending itself in Ukraine.

Regarding laws, I also have laws in my country that are supposed to prevent money laundering, but that doesn't stop anyone from buying and selling cryptocurrencies without KYC completely legally in physical exchanges. Laws are often just a dead letter on paper.

[zasad@]

You are right that in Turkey the cryptocurrency law exists only on paper. I have already realized why there is no such law in Russia

You don't have to say that I have a negative attitude towards Europe. Europe has always had countries with deficit budgets, and now these countries have been deprived of cheap gas and other raw materials. In a market economy it will be hard for these countries without cheap loans and support.

You cannot escape from what you are, and that is to repeat the same things that your politicians persistently repeat - and that is that the EU will fail because there is no cheap oil, gas or anything else from Russia. But no one in the EU has frozen, no one drives cars less than before and no one is too affected by the lack of trade with Russia. In addition, there is enough money - since the beginning of your country's aggression against Ukraine, the EU has sent aid of more than EUR 88 billion and the aid will continue to arrive in the future because the average person understands that the EU is defending itself in Ukraine.

Regarding laws, I also have laws in my country that are supposed to prevent money laundering, but that doesn't stop anyone from buying and selling cryptocurrencies without KYC completely legally in physical exchanges. Laws are often just a dead letter on paper.

Any attempts to talk about the economy you try to lead into a discussion of the war. I'm not saying Europe will freeze or people will stop driving cars. Europe will start to lose markets and production because in a competitive world you need cheap resources. You don't want to realize that the purpose of this war is to weaken Europe's economic influence. That's one of the goals of the United States.

I'm talking about the economy. Many European experts said that Russia's economy would collapse. But the paradox is that Russia's economy is much better now than it was before the special military operation.

[Lucius]

~snip~
I'm talking about the economy. Many European experts said that Russia's economy would collapse. But the paradox is that Russia's economy is much better now than it was before the special military operation.

If you want to believe in fairy tales told to you by someone who sends hundreds of people to their deaths every day, then that is your choice and the majority of your people. The Russian economy is kept afloat precisely because of the war machinery that functions according to war standards - and you still call the occupation of an independently recognized country a "special military operation" that lasts more than 2 years - it is not a military operation at all, but a brutal bloody war with the aim of conquering territory and ethical cleansing.

A bloody economy is not something to be proud of - what a smart man is ashamed of, a fool is proud of - so says an old saying.

[mindrust]

~snip~
I'm talking about the economy. Many European experts said that Russia's economy would collapse. But the paradox is that Russia's economy is much better now than it was before the special military operation.

If you want to believe in fairy tales told to you by someone who sends hundreds of people to their deaths every day, then that is your choice and the majority of your people. The Russian economy is kept afloat precisely because of the war machinery that functions according to war standards - and you still call the occupation of an independently recognized country a "special military operation" that lasts more than 2 years - it is not a military operation at all, but a brutal bloody war with the aim of conquering territory and ethical cleansing.

A bloody economy is not something to be proud of - what a smart man is ashamed of, a fool is proud of - so says an old saying.

Bruh the US’s own economy mostly depends on arms manufacturing. When the US is the biggest arms dealer of the world and created many fake wars in the middle east to sell guns, excuse me but wtf are you talking about? You don’t think the US sells all those guns, missiles and helicopters to sit in the hangars do you?

The way I see it, The US wanted another war in the north and they got one. Russia is getting richer, the US is getting richer, the Ukrainans are dying and the Europeans are getting poorer. Looks like everyone is happy. (Except for the Ukrainians)

[zasad@]

~snip~
I'm talking about the economy. Many European experts said that Russia's economy would collapse. But the paradox is that Russia's economy is much better now than it was before the special military operation.

If you want to believe in fairy tales told to you by someone who sends hundreds of people to their deaths every day, then that is your choice and the majority of your people. The Russian economy is kept afloat precisely because of the war machinery that functions according to war standards - and you still call the occupation of an independently recognized country a "special military operation" that lasts more than 2 years - it is not a military operation at all, but a brutal bloody war with the aim of conquering territory and ethical cleansing.

A bloody economy is not something to be proud of - what a smart man is ashamed of, a fool is proud of - so says an old saying.

What are you proud of?
Americans have been sponsoring wars around the world for years.
https://bitcointalk.org/index.php?topic=5441385

The high standard of living in the major European countries was high because they colonized half the world and lived off of it. You also want to divide Russia into small countries and live off that. Not you personally, your politicians say that. There are dozens of other wars going on in the world in parallel with more horrible losses, but you only blame Russia.

[zasad@]

https://cointelegraph.com/news/turkey-new-crypto-regulation-aml-2024

Turkey introduces stricter crypto AML regulations
The regulation is set for implementation on Feb. 25, 2025, allowing the country’s crypto service providers to halt “risky” crypto transactions with insufficient user information.

"Turkey introduced new cryptocurrency regulations during the final week of 2024, inspired by positive regulatory developments in the world’s major jurisdictions, including Europe.

Under the new regime, users executing transactions of more than 15,000 Turkish lira ($425) will be required to share their identifying information with the country’s crypto service providers, according to a Dec. 25 document issued by the Official Gazette of the Republic of Turkey.

The new Anti-Money Laundering (AML) regulation aims to prevent the laundering of illicit funds and terrorism financing through cryptocurrency transactions."

[SFR10]

users executing transactions of more than 15,000 Turkish lira ($425) will be required to share their identifying information with the country’s crypto service providers,

I'm a bit confused about whether the above threshold is for combined amounts or individual transactions that go beyond it... The latter one isn't going to be that effective in preventing laundering operations ^{[e.g. without considering the alternative routes, they can still stay under the radar if they use the services of multiple CASPs]}.

[Z-tight]

Under the new regime, users executing transactions of more than 15,000 Turkish lira ($425) will be required to share their identifying information with the country’s crypto service providers, according to a Dec. 25 document issued by the Official Gazette of the Republic of Turkey.

I have read the article and i did not see what exactly the identifying information is, i say so because we are talking about centralized services, in which users must pass kyc before trading. Now what extra information are users going to be expected to provide if they want to trade more than 15,000 Turkish lira.

[Fiatless]

Under the new regime, users executing transactions of more than 15,000 Turkish lira ($425) will be required to share their identifying information with the country’s crypto service providers, according to a Dec. 25 document issued by the Official Gazette of the Republic of Turkey.

The new Anti-Money Laundering (AML) regulation aims to prevent the laundering of illicit funds and terrorism financing through cryptocurrency transactions."

Users will lose thier privacy because of transactions as trivial  as $425. The government should have simply said they want to centralize the sector. They will simply chase out crypto users and investors from Türkiye. This move will also lead to an increase in the use of unregistered crypto companies to bypass these stringent conditions.

[zasad@]

Turkey's ruling party unveils 10% crypto income tax proposal
The bill proposes a 10% tax on gains from regulated crypto platforms, withheld quarterly, with the president having the power to adjust the rate between 0% and 20%.
https://www.coindesk.com/policy/2026/03/02/turkey-s-ruling-party-unveils-10-crypto-income-tax-proposal

"Turkey's ruling AK Party has introduced a bill to formalize crypto taxation, revising tax and spending rules, and creating a new framework for cryptocurrencies.
The bill proposes a 10% tax on gains from regulated crypto platforms, withheld quarterly, with the president having the power to adjust the rate between 0% and 20%.
The bill also introduces a 0.03% transaction tax on service providers facilitating crypto transactions, and requires investors trading outside licensed platforms to declare gains annually."

[Z-tight]

I think the gray area in this bill is the proposition that the president has the right to adjust the rate.

I mean, on what criteria would he decide if it should be reduced or increased for a particular individual or institution to as high as 20%. While reading the article, i see that it would be based on the issuer, how long it was held, etc, but that is still not clear enough and still gives the president the arbitrary right to make decisions on tax payable.

[YOSHIE]

"Turkey is preparing to present a new law to regulate crypto assets to Parliament. The legislation,

Yes, we understand that currently it can be said that many countries view crypto/Bitcoin as legally the best digital asset and can be legislated permanently for state purposes.

We know that the Turkish people have a positive understanding of crypto as does their government, so if Türkiye applies legality to exchanges or crypto operating there, This will increase their income relatively, the crypto trading volume can be said to be extraordinary, compared to other stock exchanges.

Maybe in the future we will see Türkiye in the same position as El Salvador, which is in the Middle East.

[Z-tight]

Maybe in the future we will see Türkiye in the same position as El Salvador, which is in the Middle East.

I do not know if we read the same news, but i am sure the major idea in this news is not about acceptance, nor is it about the Turkish government making BTC a legal tender, like El Salvador did, before it was revoked. This is about crypto taxation in Turkey, and when it comes to taxes, the government is only looking for a way to raise revenue. It is not about a positive impact for the industry, but a way for the government to get a piece of the pie.

[mindrust]

It is no good. If the rumors were true, that's the end of crypto in Turkiye. Nobody will ever use the local exchanges to cash out their crypto unless they don't know math or have no other choice. (hint, there are far better choices) People can buy lots of stuff using crypto directly nowadays. You don't even need to cash it out for FIAT directly to make use of your crypto. At worst, you can buy plane tickets since many companies accept crypto. You can even use crypto to top up your mobile phone... There are many alternatives. I don't understand what the Turkish authorities aiming with this shitty law. They are killing the goose that lays golden eggs.