Türkiye is adopting a stricter stance on cryptocurrencies. Faced with the massive adoption of these assets by citizens, the government is strengthening controls, taxation, and compliance standards to more tightly regulate this rapidly expanding sector.
Why is Türkiye taking a tougher stance?
High inflation and the continued depreciation of the Turkish lira are pushing many citizens to turn to cryptocurrencies as a way to preserve their savings and limit the effects of the loss of purchasing power.
The digital asset sector is growing rapidly, often in an unregulated manner. This has raised concerns among authorities about fraud, money laundering, and capital flight.
To address these challenges, the government is seeking to exercise greater control to better supervise transactions, exchanges, and the flow of digital currencies.
New regulatory measures implemented
1. Licensing and registration
Cryptocurrency-related service platforms, such as exchanges or wallets, must now obtain official licenses or register with specialised authorities. This allows for better monitoring of their activities and ensures compliance with governance standards.
2. Strengthened transparency rules
- Obligation for platforms to collect information on the identity of users (KYC)
- Requirements regarding the origin and destination of funds in certain transactions.
- Implementation of the “Travel Rule” in certain cases, with withdrawal hold periods when the necessary information is not available.
3. Caps on stablecoin transfers
Limits have been established for stablecoin transfers: daily and monthly amounts are now set. To exceed these caps, additional controls are required.
4. Taxation and transaction tax
A tax on cryptocurrency transactions has been introduced to ensure that this market contributes to government tax revenue. This is part of a broader strategy of revenue recovery and fiscal stabilisation.
Challenges and consequences to anticipate
- Market volatility: even with increased regulation, the volatile nature of digital assets remains a risk for investors.
- Compliance cost: platforms will need to invest in monitoring and verification systems, and in ensuring compliance with new standards, which can increase costs.
- Striking a balance: Türkiye must regulate without stifling, to avoid stifling innovation or pushing users into unregulated or foreign markets.
- User confidence: The manner in which these measures are implemented – particularly with regard to transparency, fairness in sanctions, and personal data protection – has a strong influence on popular support.
Conclusion
Türkiye now demonstrates a clear desire to transform cryptocurrencies from an internal phenomenon into a regulated sector. By strengthening supervision, tax obligations, transparency, and transfer controls, the authorities aim to secure the national economy, protect savers, and limit the risks of the digital market. The challenge will be to reconcile these imperatives with the freedom of innovation and accessibility that more and more users are seeking.
