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Turkey vs Uzbekistan

Crypto regulation comparison

← Back to map | Turkey | Uzbekistan
Turkey

Turkey

Uzbekistan

Uzbekistan

Legal
Legal

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.

Uzbekistan has actively regulated crypto since 2018, when it established the NAPM (initially NAPCI) to oversee virtual assets. Licensed crypto exchanges operate in a regulatory sandbox. Individual crypto trading profits are exempt from tax. Uzbekistan has also established a state-backed mining pool and licensing regime for miners, leveraging its energy resources.

Tax Type None
Tax Type None
Tax Rate 0% (legislation pending)
Tax Rate 0%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Regulator NAPM (National Agency for Prospective Projects)
Stablecoin Rules Under development; CBRT banned crypto for payments
Stablecoin Rules Regulated under NAPM virtual asset framework
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
  • NAPM oversees virtual asset regulation and licensing
  • Licensed exchanges operate under regulatory framework since 2018
  • Individual crypto trading exempt from income tax
  • State-backed mining pool and licensing for crypto miners
  • Only licensed platforms can offer crypto services; unlicensed platforms blocked
Sources
Sources