Country overview


Country stats

Rating Points
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
4 658 500
Total amount of crypto users out of the country's total population based on public data.
Taxation points
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Considerable danger
The overall level of security in a given country based on open data.
Crypto Salaries
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
FATF grey list
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
De facto
Cryptocurrency exchange is conditionally legal in this jurisdiction, but no licensing procedure is yet. Registering a legal entity here and performing exchange operations through it without a license is possible.

Turkey is a scorching crypto market (possibly the largest in Europe) and could be more stable. The government’s position is quite favorable and allows foreign exchanges to operate. But again, it is unclear what the new regulation will be like, which may allow only local or generally only “correct” sites to operate in the Turkish market. Typically, this is an up-and-coming market for any activity, but there is still no regulation and risks.

Cryptocurrencies are prevalent due to high inflation. The official figure for 2022 is 83%, and the unofficial figure is 183%. Paribu, a local exchange, estimates (1) the number of crypto users at least 8 million. Kucoin estimates (2) their number even higher - among the population aged 18-60 years, it’s 52%.

Security level

Turkey has a considerable danger security level according to our rating. Jurisdiction has 59.8 points (from 100) for safety level in Numbeo crime rating (3). Homicide level (4) is 2.5 per 100,000 inhabitants a year. Story of firearm-related death (5) 1.95 per 100,000 inhabitants a year.

Crypto Payments
Crypto Salaries

As crypto payments, crypto salaries are banned in the country, too.


The legal basis for the operation of exchange platforms was given in a 2021 bylaw with requirements for crypto exchanges from the local AML regulator, MASAK. Little regulation is spelled out - only obligations for KYC, identification of suspicious transactions, and filing reports with MASAK.

Local exchanges operate as digital platforms without a special license. The largest local online media at the moment are BTCTurk and Paribu. Gate also entered this market by creating its crypto exchange, GateTurk.

Foreign crypto exchanges like Coinbase and OKX also operate in Turkey. Based on the exchange website, Binance does this through separate local legal entities.

At the same time, one of the guarantees of legality for exchanges is cooperation with partner banks, including VakıfBank, Ziraat, DenizBank, QNB, Papara, Yapı Kredi, and Akbank.

The government also planned to adopt (7) special crypto laws at the end of 2021; this topic has come up periodically since then. They planned to introduce licensing for crypto exchanges and remove foreign exchanges from the market.

There are also offline exchanges. In particular, as an example of such a legal offline exchange, Aljazeera (8) writes about NakitCoins (9) exchange. According to the legal status of offline exchange in the country, NakitCoins founder Cem Yilmaz says that it is difficult/impossible for Turkish citizens to buy crypto for cash lira due to official restrictions and that most clients are foreigners. However, he hopes for new regulations.

The largest local platforms, Thodex and Vebitcoin, have filed for bankruptcy. Both stories are confusing and show the potential risks of Turkish jurisdiction.

There has yet to be an official taxation procedure for crypto income in Turkey. Don't hesitate to contact us if you have more information about it. According to Aljazeera (10), there are rumors of a possible government imposing a 40% capital tax on cryptocurrencies. This means that there is no such tax and no such procedure yet. Most likely, individuals are paying the standard PIT or hiding their income.

Tax nameIndex
PIT tax Min15
PIT tax Max40
Corporate tax (CIT)25
Min Individual CGT (for crypto)15
Max Individual CGT (for crypto)40
Wealth tax Min0
Wealth tax Max0

Turkey taxes its residents on their worldwide income, whereas non-residents are taxed on Turkish-source earnings only, in concordance with PWC tax summaries (11).


According to PWC(12), companies (other than those in the financial sector) are subject to a standard corporate income tax rate of 25% in Turkey. For financial sector companies, the corporate income tax rate is 30%.


Capital gain tax has a 40% rate, according to PWC(13).