Türkiye’s regulations related to cryptocurrencies offer optimism for investors in 2025, with the cryptocurrency ecosystem becoming more reliable due to the changes introduced this year, the sector representatives said.
The crypto market, led by the top cryptocurrency, bitcoin, had an eventful year. Bitcoin has extended gains, nearly doubling since the start of the year and setting a new milestone by surpassing $100,000 (TL 3.5 million) for the first time following an unprecedented rally after the U.S. elections on Nov. 5.
It briefly soared to a record high above $106,000 last week but has again fallen to around $98,413 as of 12 p.m. GMT on Wednesday, revealing volatility specific to the crypto market.
When it comes to Türkiye, the country has established its first legal framework for the cryptocurrency sector this year, sparking a growing interest in digital currencies.
The long-awaited bill, including regulations regarding cryptocurrencies, was accepted by Parliament in June, establishing the legal framework for critical aspects related to crypto assets, including the obligation for crypto asset service providers to obtain permission from the Capital Markets Board (SPK) before establishment and operation.
Salim Karaman, CEO of Turkish crypto exchange platform BtcTurk, told Anadolu Agency (AA) on Tuesday that the approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. this year was a landmark development for the industry.
The U.S. securities regulator approved early in January the first U.S.-listed exchange-traded funds to track bitcoin, offering investors exposure to the world's largest cryptocurrency without directly holding it.
The move encouraged many hesitant investors to enter the market, but Karaman noted that Türkiye’s crypto regulations remain too new to evaluate fully, as secondary regulations are still in progress. Nonetheless, the current approach taken by Turkish lawmakers has captured investor attention.
"The spread of tokenization projects to different sectors accelerated digitalization in the sector and we hope that user confidence will increase as regulations strengthen and they will create a healthier competitive environment," he added.
The interest in crypto has heightened in recent years in the country as it is also one of the assets used to shield against inflation.
Kutluhan Akçın, Türkiye country manager at cryptocurrency exchange Bybit, shared with AA that bitcoin's record-breaking performance and the growing interest from Turkish investors have kept the local crypto market vibrant this year.
With uncertainties surrounding the legal framework beginning to fade, Türkiye offers a safer space for individuals and institutions to invest in cryptocurrencies.
Akçın also highlighted that the Capital Markets Board has established a crypto asset service provider list, which sets a standard for identifying reliable and legal platforms for crypto investments.
"With high interest in the crypto market, Türkiye’s regulations to protect investors’ rights instill confidence and strengthen the country’s position as a regional crypto center, paving the way for more confidence in the future, as a wider user base starts to show interest in the crypto market," he said.
Ali Eşelioğlu, CEO of trading platform CoinTR, told AA that global efforts to establish a regulatory framework for crypto assets, combined with the U.S. approval, have created positive momentum in the market.
This, in turn, has contributed to the rise in trading volumes and customer bases for exchange platforms.
He emphasized that Türkiye’s regulatory framework has made the country’s crypto ecosystem more organized and trustworthy, with secondary regulations expected soon.
Mehmet Çamır, chairperson of crypto exchange OKX Türkiye, also reiterated that the approval of bitcoin ETFs in the U.S. has attracted more interest from wealthy investors, pension funds and corporate treasuries.
He called 2024 the "year of adoption" for crypto.
Çamır added that Türkiye stands out as the largest crypto market in the Middle East and North Africa, with a transaction volume of $2.5 billion since OKX launched its platform in Türkiye on Feb. 27. He also noted that the new legal framework has had a positive impact on the ecosystem both in Türkiye and globally.
"This framework will make a significant difference in increasing trust, paving the way for institutional investments and boosting Türkiye’s global competitiveness," he concluded.
