Law firm to challenge Turkey’s ban on crypto payments

Turkish law firm GlobalB is challenging the country’s ban on crypto payments in a hearing scheduled for May 28, according to Sima Baktaş, the firm’s founding partner.

Although Turkey’s citizens are allowed to buy, hold and trade crypto, the use of the digital currency for payments has been banned since 2021, when the Central Bank of the Republic of Turkey prohibited “any direct or indirect usage of crypto assets in payment services and electronic money issuance.”

For the hearing, which is taking place in the country’s capital, Ankara, GlobalB plans to use a strategy to show the long-term economic benefits of allowing crypto payments in the country, Baktaş told Cointelegraph.

“The ability to use crypto for payments would accelerate financial innovation, create more inclusive and efficient payment systems, and position [Turkey] as a hub for blockchain adoption,” Baktaş said. “It would also attract global investment, as international companies and investors are keen to operate in a regulatory environment that supports digital assets.”

Is Turkey a crypto-friendly nation?

Despite the ban, Turkey has worked to become a more crypto-friendly nation over the past few years. In July 2024, a regulatory framework provided crypto asset providers to apply for licenses, leading to requests from well-known exchanges such as Bitfinex, Binance TR and OKX TR.

In December 2024, the country introduced tougher Anti-Money Laundering (AML) regulations, requiring transactions above 15,000 Turkish lira ($412) to be reported alongside users’ identifying information.

Furthermore, a spate of Turkish banks, including BankPozitif and Misyon Bank, have started to offer crypto services to clients in collaboration with Swiss crypto platform Taurus. The government has also denied plans to tax crypto profits.

Crypto adoption has increased in Turkey over the years as well. A poll conducted in 2021 revealed that Turkey’s crypto user base had increased elevenfold. A 2023 survey showed the percentage of crypto users in the country had increased by 12%, and a 2024 cryptocurrency ownership report showed that the cryptocurrency ownership rate in Turkey is 19.3%.

Baktaş notes that GlobalB’s lawsuit “could serve as a catalyst for shaping secondary regulations in a way that fosters innovation while ensuring compliance.”

“A positive ruling could also pave the way for new business models, particularly for crypto platforms seeking licenses,” she added. “It’s a chance to create a well-regulated yet dynamic environment where companies can operate securely while driving the growth of the digital economy.”

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