Turkish Law Firms Challenge Crypto Payment Ban

Turkish law firm GlobalB is set to challenge the country's ban on crypto payments in a hearing scheduled for May 28. The firm, led by founding partner Sima Baktaş, aims to overturn the Central Bank of the Republic of Turkey's 2021 prohibition on the use of crypto assets in payment services and electronic money issuance.

Despite allowing citizens to buy, hold, and trade crypto, Turkey has maintained a ban on crypto payments. GlobalB plans to argue for the long-term economic benefits of allowing crypto payments, including accelerating financial innovation, creating more inclusive and efficient payment systems, and attracting global investment.

Turkey's stance on crypto has been evolving in recent years. In 2024, the country introduced a regulatory framework for crypto asset providers, leading to license applications from major exchanges. Tougher Anti-Money Laundering (AML) regulations were also implemented, requiring transactions above 15,000 Turkish lira ($412) to be reported alongside users' identifying information.

Crypto adoption has been increasing in Turkey, with a poll in 2021 revealing an elevenfold increase in the crypto user base. A 2023 survey showed a 12% increase in crypto users, and a 2024 report indicated a cryptocurrency ownership rate of 19.3%.

Baktaş believes that GlobalB's lawsuit could serve as a catalyst for shaping secondary regulations that foster innovation while ensuring compliance. A positive ruling could pave the way for new business models and create a well-regulated yet dynamic environment for crypto platforms seeking licenses.

Meanwhile, another Turkish law firm, Ozdagistanli Ekici Attorney Partnership, has also announced its intention to challenge the crypto payment ban. The firm argues that the restriction stifles financial innovation and hinders the country's progress in the fintech sector. The global regulatory landscape for cryptocurrencies is evolving rapidly, with countries like Egypt presenting draft laws for regulating crypto assets and the Financial Stability Board (FSB) set to release a peer review report in October 2025.

The challenge to Turkey's crypto payment ban by these law firms is a significant development in the country's cryptocurrency landscape. As the legal battles unfold, it will be interesting to see how the Turkish government responds to the arguments and whether the ban will be lifted or modified