Turkey’s leading law firm GlobalB has announced plans to initiate a lawsuit to challenge the ban on cryptocurrency payments which is scheduled for May 28 in Ankara. According to reports, the law firm will present the economical advantages of using cryptographic and blockchain-based payments.
Although Turkey allows users to trade, own, and mine Digital assets, using the assets for payments has been outlawed since 2021. The Central Bank of Turkey also forbade the issuance of electronic money due to risks associated with stability and security. The leading attorney of the law firm Sima Baktas noted that using crypto will help the country’s financial sector, making payments effective and improving the country as an ideal location for Blockchain businesses.
Baktas mentioned that the lawsuit can lead to implications for the regulatory policies to work out the relationship between compliance and innovation, with a favorable verdict opening up the likelihood of better follow-up laws. “If the court rules in favor of lifting the ban, it could establish a more secure and dynamic environment for companies to operate while accelerating the digital economy’s growth,” Baktaş said.
Turkish firm fights for crypto payments amid developments
Turkey has taken several measures towards regulating crypto, initiating new laws to increase transparency and security. The measures ensure legal regulations while responding to the recommendations of the Financial Action Task Force (FATF).
In December 2024, the country announced new anti-money laundering (AML) laws to govern Turkish nationals in the crypto space. A part of these regulations stated that users dealing in transactions of 15,000 Turkish lira ($425) or more must be identified. The Official Gazette of the Republic of Turkey shared the rules, which aim at preventing unlawful use of virtual assets.
The measures are in line with the best practices of international regulatory organizations like the Markets in Crypto-Assets (MiCA) adopted by the European Union. Through stricter supervision, Turkey is seeking to be removed from the FATF list of countries with insufficient AML measures, labeled as the “gray list”.
While the ban that was initiated in 2021 remains, crypto service providers in the country are being held to higher standards and obligations. These include collecting and reporting on transactions that hit or surpass the set threshold. However, the country has certain limitations that apply to small purchases.