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Ecuador vs Turkey

Crypto regulation comparison

← Back to map | Ecuador | Turkey
Ecuador

Ecuador

Turkey

Turkey

Partially Regulated
Legal

Ecuador has a complex relationship with cryptocurrency. A 2014 National Assembly resolution banned Bitcoin as legal tender, and the Central Bank prohibits financial institutions from dealing in crypto. However, private ownership and trading of crypto are not explicitly illegal, and peer-to-peer usage exists.

Turkey has one of the highest crypto adoption rates globally, driven by lira depreciation and high inflation. While crypto ownership is legal, the CBRT banned crypto payments in April 2021. In 2024, Turkey passed comprehensive crypto legislation under the Capital Markets Law amendment, giving the CMB authority to license and regulate crypto asset service providers. No crypto-specific tax exists yet, though legislation is under consideration. MASAK (Financial Crimes Investigation Board) oversees AML compliance.

Tax Type Unclear
Tax Type None
Tax Rate N/A
Tax Rate 0% (legislation pending)
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator Banco Central del Ecuador, Superintendencia de Bancos
Regulator CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Stablecoin Rules No specific stablecoin regulation
Stablecoin Rules Under development; CBRT banned crypto for payments
Key Points
  • 2014 resolution prohibits crypto from being used as legal tender
  • Central Bank bans financial institutions from facilitating crypto transactions
  • Private ownership and P2P trading exist in a legal gray area
  • Ecuador uses the US dollar as its official currency, limiting monetary policy tools
  • No comprehensive crypto regulatory framework in place
Key Points
  • 2024 Capital Markets Law amendment gives CMB authority to license crypto platforms
  • CBRT banned the use of crypto assets for payments in April 2021
  • No crypto-specific tax currently; capital gains tax legislation under discussion
  • MASAK enforces AML/KYC requirements on crypto platforms
  • Turkey ranks among top 5 globally for crypto adoption (driven by lira depreciation)
Sources
Sources