Turkey’s attitude to cryptocurrencies has long been one of openness mixed with limitations. Now, claiming that this limit stifles economic innovation and investment, a legal challenge headed by the law firm GlobalB is trying to reverse.
Sima Baktaş, the first partner of GlobalB, underlined the need of including cryptocurrencies into Turkey’s financial system. She thinks that removing the ban will inspire financial creativity, establish effective payment systems, and establish Turkey as a major actor in the worldwide blockchain scene.
Baktaş said, stressing the financial possibilities of digital assets, “allowing crypto payments would attract foreign investors who are eager to operate in a regulatory-friendly environment.”
A Developing Crypto Market Under Restrainers
Turkey has taken major steps toward controlling cryptocurrencies even with payment limits. Introduced in July 2024, a licencing system let exchanges including Binance TR, Bitfinex, and OKX TR pursue legal operations here. December 2024 saw further legislative actions including tougher Anti-Money Laundering (AML) rules, which mandate reporting of transactions worth more than 15,000 Turkish lira ($412) together with user data.
Additionally beginning to embrace cryptocurrencies are Turkish financial institutions. Meanwhile, the Turkish government has refrained from imposing taxes on crypto profits, signaling a willingness to support the industry’s growth.
A Legal Battle That Could Reshape Crypto Regulations
Baktaş believes that GlobalB’s lawsuit could act as a catalyst for broader regulatory changes.
“A favorable ruling would create a well-regulated yet dynamic environment, allowing businesses to operate securely while contributing to Turkey’s digital economy,” she stated.
With the hearing set for May 28th, the outcome of this legal challenge could significantly influence Turkey’s future stance on cryptocurrency. Whether the court sides with GlobalB or upholds the ban, the case highlights the ongoing debate between financial innovation and regulatory control in the country’s evolving digital economy.
