GlobalB Goes to Court
Turkish law firm GlobalB will contest the crypto payment ban in Turkey during a May 28 hearing, according to Sima Baktaş, the firm’s founding partner. The company aims to demonstrate the economic advantages of allowing digital currency payments within the nation.
Turkey permits citizens to buy, hold, and trade cryptocurrencies, but in 2021, the Central Bank of the Republic of Turkey prohibited their use in payment services. The challenge by the law firm seeks to overturn this prohibition.
The application of crypto for transactions would spur financial innovation more quickly, construct more efficient and inclusive payment systems, and make [Turkey] a blockchain adoption center,” stated Baktaş. She added that a good ruling could attract international investors in search of regulatory clarity.
Is Turkey a Crypto-Friendly Nation?
Despite the ban, Turkey has been increasingly embracing cryptocurrency. In July 2024, regulators introduced a framework allowing crypto providers to apply for licenses, with interest from major exchanges such as Bitfinex, Binance TR, and OKX TR.
Stricter Anti-Money Laundering (AML) regulations went into effect in December 2024, requiring reportable transactions over 15,000 Turkish lira ($412) along with users’ identification information. Some of the Turkish banks such as BankPozitif and Misyon Bank have also partnered with Swiss cryptocurrency platform Taurus to offer digital asset solutions.
Increased Crypto Adoption
Turkey’s cryptocurrency adoption has taken off in the past few years. In 2021, a survey found that Turkey’s cryptocurrency user base grew elevenfold, and in a 2023 report, a 12% jump in cryptocurrency users was witnessed. In a 2024 survey, Turkey’s holdings of cryptocurrency were estimated at 19.3%.
Baktaş pointed out that GlobalB’s case may have implications for future regulation. “A positive ruling would open the door to new business models, particularly for crypto platforms seeking licenses,” she said. “It’s a chance to create a well-regulated but vibrant ecosystem where companies can do business securely while powering the growth of the digital economy.”
Since Turkey is at the intersection of regulation and innovation, the court’s ruling can reconfigure the country’s stance on virtual currencies.
