Plasma

Global Stablecoin Regulation

Turkey

Turkey

by
Plasma
Plasma
Last Updated: May 20, 2026
As of mid-2025, Turkish residents can hold and trade stablecoins via licensed crypto-asset service providers (KVHS/CASPs) licensed by the Capital Markets Board (SPK), but the use of crypto-assets for payments is banned. The 2024 Capital Markets Law amendment and two CMB communiqués (III-35/B.1 and III-35/B.2, Mar 13, 2025) created a licensing and operations regime for KVHS/CASPs (custody, listing, capital, segregation). Separately, MASAK's General Communiqué No. 29 (June 28, 2025) added transaction limits and 48–72 hour withdrawal holds aimed at AML and consumer protection.

SRP-Legal note (III-35/B.1 and III-35/B.2; Official Gazette 32840)

Law No. 7518 (Official Gazette 32590; July 2, 2024)

+ 2
Legal Status

Legal with restrictions

Regularity Clarity
4/5
Regime Status

In-Force

Allowed Types

Unspecified

Classification

Crypto Asset

Stablecoins are treated as ‘crypto assets’ (intangible) under the Capital Markets Law; they are not legal tender or e-money. If a token’s features meet the criteria for a capital markets instrument, SPK may treat it accordingly; otherwise it remains a crypto asset.

Duke FinReg Blog – Turkish crypto-asset event

ADMD law firm memo

Regulatory Authorities

Capital Markets Board (CMB)

Primary licensing & supervision of CASPs, transaction monitoring, sanctions.

Central Bank of Republic of Turkey (CBRT)

Maintains payment ban; runs Digital Lira (CBDC) project & macro oversight.

Top Issuers

Tether (USD₮)

Tether (USD₮)

Circle (USDC, EURC)

Circle (USDC, EURC)

Bilira (TRYB)

Bilira (TRYB)

Consumer Protection

Reserve Requirements

Under SPK Communiqué III-35/B.2, crypto-asset service providers must keep at least 95% of client crypto-assets with authorised custodians (max ~5% in hot wallets for operations) and maintain a liquid reserve buffer (communiqué specifies a 3% prudential buffer and eligible composition). Platforms must meet minimum capital, governance and IS-audit requirements.

Auditing

KVHS/CASPs must reconcile with the central market-record (MKK), submit periodic supervisory reports and face independent IS/audit obligations; 'proof-of-reserves' in Turkey is implemented by segregation, reconciliation and audit/reporting obligations rather than a single prescriptive on-chain PoR standard.

Redemption Rights

No statutory par-redemption right for stablecoins under Turkish law. Redemption depends on contractual terms of the issuer or platform.

Recent Developments

Remittance Race

Remittance Race

Find the cheapest and fastest way to send money abroad, comparing traditional methods alongside stablecoin options like Plasma.