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Turkey vs Uganda

Crypto regulation comparison

← Back to map | Turkey | Uganda
Turkey

Turkey

Uganda

Uganda

Legal
Restricted

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.

Uganda restricts cryptocurrency. The Bank of Uganda issued a 2022 circular (NPSD 306) barring licensed payment service providers from facilitating crypto transactions. A 2023 High Court ruling upheld the circular, declaring cryptocurrencies illegal under the National Payment Systems Act 2020. No crypto exchanges are licensed to operate. Informal P2P crypto activity exists despite restrictions.

Tax Type None
Tax Type None
Tax Rate 0% (legislation pending)
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining Yes Yes
Regulator CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Regulator BOU (Bank of Uganda), CMA Uganda
Stablecoin Rules Under development; CBRT banned crypto for payments
Stablecoin Rules No regulation
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)
Key Points
  • BOU Circular NPSD 306 (April 2022) bars licensed entities from facilitating crypto
  • 2023 High Court ruled cryptocurrencies illegal under National Payment Systems Act 2020
  • Growing crypto adoption, particularly for cross-border transactions
  • No specific crypto taxation rules
  • Financial Intelligence Authority requires VASPs to comply with AML laws
Sources
Sources