Türkiye’s cryptocurrency sector is poised for significant growth in 2025, following the introduction of its first legal framework for digital assets this year. Sector representatives believe the regulations will enhance investor confidence and encourage wider adoption of cryptocurrencies.
The cryptocurrency market, spearheaded by bitcoin, has experienced a momentous year. Bitcoin has nearly doubled in value since the start of 2024, hitting an all-time high of $106,000 (₺3.5 million) after the U.S. elections on November 5. While it has since fallen to approximately $98,413 as of 12 p.m. GMT yesterday, this volatility highlights the dynamic nature of the crypto market.
Establishing Legal Clarity in Türkiye
In June, Türkiye’s Parliament approved a long-awaited bill to regulate cryptocurrency assets. The legislation outlines key requirements, such as obtaining approval from the Capital Markets Board (SPK) for crypto asset service providers before their establishment and operation.
Salim Karaman, CEO of Turkish crypto exchange BtcTurk, described the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds (ETFs) earlier this year as a groundbreaking development. Speaking to Anadolu Agency (AA), he explained how the move encouraged hesitant investors to explore the market.
Karaman added that while Türkiye’s regulatory measures are still new and secondary rules are in development, the legislative framework has already drawn significant 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,” he said.
Bolstering Investor Confidence
Kutluhan Akçın, Türkiye country manager for cryptocurrency exchange Bybit, noted the growing enthusiasm among Turkish investors, driven by bitcoin’s record-breaking performance. He emphasized that the establishment of a crypto asset service provider list by the SPK has set a standard for identifying reliable platforms.
“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,” Akçın told AA. He believes this momentum will encourage more individuals and institutions to invest in the burgeoning crypto space.
Regional Leadership in the Crypto Ecosystem
Ali Eşelioğlu, CEO of CoinTR, remarked that global regulatory efforts, combined with the U.S. approval of bitcoin ETFs, have generated positive momentum in the market. He highlighted that Türkiye’s regulatory framework has made the country’s crypto ecosystem more structured and dependable.
Meanwhile, Mehmet Çamır, chairperson of crypto exchange OKX Türkiye, called 2024 the “year of adoption” for crypto. He underscored Türkiye’s role as the largest crypto market in the Middle East and North Africa, with OKX achieving a transaction volume of $2.5 billion since launching its platform in February.
“This framework will make a significant difference in increasing trust, paving the way for institutional investments and boosting Türkiye’s global competitiveness,” Çamır concluded.
As the regulatory environment matures, Türkiye’s cryptocurrency market is set to thrive, positioning the nation as a regional leader in the digital asset landscape.
