Turkish law firm GlobalB is preparing legal action against the government's ban on cryptocurrency payments,
The case is scheduled to be heard on the 28th of this month, founding partner Sima Baktaş said. If the ruling is positive, it could have a major impact on the company's ability to obtain licenses for cryptocurrency exchanges, among other things.
This could stimulate new business models in Turkey. Currently, citizens in Turkey can purchase, hold, and trade crypto assets, but from 2021 onwards, the use of crypto assets as a payment method will be restricted.
This is in accordance with the Turkish Central Bank's prohibition on the use of crypto assets (virtual currencies) for direct or indirect payment services and electronic currency issuance.
Speaking in Ankara, where the court is being held, Baktaş said that Global Bank has stated that allowing cryptocurrency payments will have a positive impact on the Turkish economy in the long term.
Meanwhile, despite the payments ban, Turkey has become increasingly crypto-friendly in recent years.
In July 2024, the Turkish government introduced a new regulatory framework, allowing cryptocurrency service providers to apply for licenses. This allows Bitfinex
Major exchanges such as Bitfinex, Binance TR, and OKX TR have applied for licenses.
In December 2024, anti-money laundering (AML) regulations will be strengthened to limit the amount of foreign currency to 15,000 Turkish lira (approximately 412 U.S. dollars, or 6,000 U.S. dollars).
It has become mandatory to report transactions of more than 1,000 yen (including the amount of the purchase price) along with the user's identity information.
Some Turkish banks, including BTMU, have partnered with Swiss-based cryptocurrency platform Taurus to allow their customers to use cryptocurrencies.
The Turkish government has made it clear that it has no plans to tax cryptocurrency revenues.
2025/03/06 13:00 KST
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