1. Introduction
Law No. 7518, which entered into force in 2024, was followed by the Communiqués of the Capital Markets Board of Türkiye (“CMB”, SPK) dated 13 March 2025. Together they placed crypto-asset service providers (“CASPs”) in Türkiye within a comprehensive regulatory framework. This marked the start of a new era. Crypto exchanges in particular may now offer only the services they are authorised to provide, and they are barred from many activities, such as guaranteeing returns and steering customers. In this article, we use examples to explain what CASPs may and may not do under the CMB regulations, with particular reference to Articles 30 and 49 of the Communiqué. We also examine in detail when an application to the National Lottery Administration (Milli Piyango İdaresi) is required and the conditions that apply to such applications.
2. CASP activities under CMB legislation
Under the CMB’s Communiqué on the Principles of Establishment and Operation of Crypto-Asset Service Providers (III-35/B.1) dated 13 March 2025 (the “Communiqué”), crypto-asset service providers (crypto-asset trading platforms, custodians, etc.) may carry out only those activities permitted by the CMB. They are expressly prohibited from operating in any field outside this scope.
In other words, a crypto-asset exchange authorised by the CMB may not operate in industrial, agricultural or similar commercial fields in addition to crypto-asset trading, custody services or the other activities defined in the Communiqué. Transacting outside the scope of its authorisation constitutes a breach of the legislation.
The principal activities prohibited for CASPs under Article 49 of the Communiqué are summarised below:
2.1. Banking transactions and financial commitments
CASPs are not authorised to collect deposits or participation funds, to accept assets on a promise of interest or to provide bank-like services. They are likewise prohibited from issuing notes in the nature of debt instruments or documents containing undertakings.
For example, collecting customer assets on the claim that this will “generate interest income”, opening deposit-like accounts or offering any product suggestive of banking activity is clearly contrary to CMB legislation.
2.2. Industrial or commercial ancillary activities
CASPs may offer only the crypto-asset services permitted by the CMB. Beyond these, they may not engage in activities such as industry, agriculture, trade or real estate dealing, or set up a business in any other sector.
To give another example, a crypto-asset platform may not establish companies in sectors outside its core line of business, engage in real estate trading or run commercial ventures unrelated to its crypto activities.
2.3. Return and profit guarantees
CASPs are strictly prohibited from promising customers a specific return, a fixed profit or guaranteed income.
Accordingly, any oral or written promise such as “If you invest in a particular crypto asset, a 10% monthly gain is guaranteed” is regarded as contrary to the legislation because it amounts to investment advice. Only cases that the CMB has expressly permitted by way of exception fall outside this prohibition.
2.4. Misuse of customer assets and accounts
CASPs are strictly prohibited from disposing of customers’ crypto assets or cash for their own benefit or for the benefit of third parties without explicit and specific authority. Accordingly, it is contrary to the legislation to use customer assets in the company’s operations, to borrow or pledge them, or to divert them in any way to the company’s benefit.
Opening fictitious accounts, failing to record transactions and keeping inaccurate accounting records are also strictly prohibited. CASPs must record all transactions and movements in a transparent, accurate and traceable manner.
2.5. Trading on behalf of customers and powers of attorney
Platform managers and employees may not carry out buy or sell transactions on behalf of customers, whether by obtaining broad powers of attorney from them or by similar means.
In other words, CASP staff are prohibited from operating accounts, transmitting orders or making investment decisions under a general authority obtained from the customer. Every transaction must be carried out directly on the customer’s own instruction, by the customer’s own will and under the customer’s own control.
2.6. Good faith and protection of customer interests
CASPs may not profit by exploiting customers’ lack of information, inexperience or lack of command of the market. Any conduct that harms customers’ rights and interests, or that is misleading, in bad faith or aimed at unjust gain, is clearly contrary to CMB legislation.
For example, misdirecting inexperienced investors into transactions that benefit the platform or third parties is legally prohibited.
2.7. Encouraging excessive trading (churning) and loss compensation
CASPs are prohibited from encouraging customers to trade unnecessarily, excessively and frequently in order to increase revenue or earn commission. It is contrary to the legislation for platforms to steer customers into constant buying and selling or to create an environment that encourages it. Undertaking to compensate customers’ losses, inducing trades with a promise to cover losses and steering customers into opening positions by putting them into debt are also strictly prohibited.
For example, a crypto platform that urges a customer with “We’ll cover your losses, keep trading”, or that lends to a customer so that the customer will trade, is clearly in breach of CMB regulations.
2.8. Donation cap
CASPs may not make donations exceeding five per mille (‰5) of their equity in any financial year. Donations above this cap are prohibited.
The CMB may separately determine the procedures and principles for donations below this cap in due course.
2.9. Prohibition on foreign exchange transactions
CASPs are prohibited from buying and selling foreign currency or transferring foreign currency abroad unless they hold the necessary authorisation under the Law on the Protection of the Value of the Turkish Currency. It is therefore unlawful for a crypto-asset platform to operate like a bureau de change or to sell foreign currency for Turkish lira. Creating the impression of foreign exchange dealing through its trade name, advertising or premises is also unlawful.
This prohibition is intended to confine the activities of crypto-asset service providers to crypto-asset services alone.
In summary, a CASP should carry out only the crypto-asset activities permitted by the CMB. It should not act as a bank, custodian, investment adviser or any other kind of financial institution. Any activity to the contrary may result in administrative sanctions under the Communiqué. The regulation expressly provides that platforms in breach of their obligations may face severe sanctions such as warnings, administrative fines and, where necessary, revocation of their operating licence. CASPs must therefore put in place an effective internal control mechanism and a robust risk management system to ensure that these prohibitions and restrictions are not breached.
3. Advertising and promotion restrictions (Article 30)
Article 30 of the CMB Communiqué imposes comprehensive restrictions on the advertising, publicity, announcement and promotional activities of crypto-asset service providers. The main purpose of this provision is to prevent investors from being swayed by misleading information, excessive promises or aggressive marketing. It also aims to establish a fair, transparent and reliable competitive environment in the crypto market.
The main advertising and marketing restrictions that apply to CASPs under Article 30 are summarised below, with examples:
3.1. Objectivity and avoiding misleading content
All advertisements and announcements that CASPs publish, in any media channel, must be objective, accurate and not misleading. Giving false information, or using statements that exploit investors’ lack of knowledge or experience, is prohibited.
For example, exaggerated, unverifiable or untrue claims such as “Everyone on this platform wins for sure” or “No one has ever made a loss” may not appear in advertising content. Content that uses manipulative success stories to attract investors has no place in advertisements.
3.2. Prohibition on guaranteeing returns
Except where the legislation expressly permits it, advertisements may not contain statements suggesting absolute returns, guaranteed gains or a guarantee against loss.
It is contrary to the legislation for a crypto platform to promise a definite outcome such as “Trade with us and you will definitely make a profit”. The fact that crypto-asset investments involve risk may not be concealed or played down in any way.
3.3. Supporting official data with sources
CASPs may wish to share figures in their advertisements on their financial position, the crypto assets they hold in custody, their user numbers or their trading volumes. If so, they must clearly cite official and reliable sources that verify this information.
For example, the claim “We are Türkiye’s largest crypto exchange, with 1 million customers” may be used only if it is supported by an up-to-date audit report, an independent verification document or officially published data. Otherwise, such statements are treated as misleading advertising.
3.4. Statements prohibited in advertisements
Under the CMB Communiqué, the following types of statements are strictly prohibited in advertisements, announcements and promotions:
Statements giving the impression of absolute gains or of never making a loss:
Statements promising absolute outcomes, such as “Gains in every scenario” or “Never any losses”, may not be used. No investment instrument carries a guarantee, so such statements are clearly misleading.
Statements promising income to a particular group:
Enticing promises that target the economic vulnerabilities of particular groups, such as students, housewives or certain occupations, are prohibited. Examples include “An opportunity for extra income” and “Housewives can earn TRY 50 a day”. Such advertisements are open to abuse and contrary to the legislation.
Statements giving the impression that transactions are guaranteed by the state:
Statements that create a false impression, such as “Invest with CMB assurance” or “State-guaranteed crypto trading”, may not be used. The CMB has no power to guarantee returns or provide security for crypto-asset transactions.
Statements portraying crypto investments as risk-free:
Untrue statements that conceal investment risks are prohibited, such as “Crypto trading carries no risk” or “No training needed, anyone can easily make money”. Crypto-asset transactions inherently involve risk and require a certain level of knowledge and experience.
Subjective praise not based on real data:
Claims such as “We are the most reliable platform” or “The most profitable exchange” may not be used unless they are based on concrete and verifiable data. Such statements are prohibited because they may lead to unfair competition.
Statements exploiting religious, cultural or social sensitivities:
Promotions designed to manipulate religious feelings or social sensitivities are strictly prohibited. One example is “Invest in this coin and earn both profit and spiritual merit (sevap)”.
Statements giving price forecasts or targets:
Forward-looking price projections, such as “Bitcoin will reach $100,000 by year-end”, may not be used as advertising material. Such forecasts are speculative and may mislead investors.
Misleading use of celebrities or institutions:
Several practices are contrary to CMB rules. These include using a person’s image without their knowledge and consent and creating the impression that “So-and-so, the celebrity, invested here too”. Making disparaging or misleading comparisons with rival platforms is also prohibited.
3.5. Prohibitions on promotional campaigns
The Communiqué significantly restricts the promotional campaigns that crypto-asset service providers may run. Campaigns with the following features are strictly prohibited:
Prize draws offering very high-value prizes:
Campaigns are prohibited if they offer prizes of such high monetary value that, under normal economic conditions, they could be obtained only through long-term saving or credit.
Example: “A luxury car to be won in a prize draw among traders!”
Cars, homes and very high-value electronic devices fall within this category. Such prizes are prohibited because they may distort investors’ rational decision-making and lead them to trade solely for the prize.
Competitions that motivate investors solely through the prize
Promotions may not be run if they are built around high-value prizes and participants’ sole aim is to win, to an extent that would distort investment behaviour.
Example: “The latest-model phone for the first 10 people to reach the highest trading volume!”
Such competitions are considered inappropriate because they draw investors away from sound investment behaviour.
Referral campaigns
Referral programmes that give a benefit to the person who brings in a new customer, or to the customer referred, are prohibited outright.
Example: “Refer a friend and you both earn a TRY 50 bonus.”
It is contrary to the Communiqué for crypto platforms to give existing users commission discounts, bonus coins or similar benefits for each new member they bring in. This prohibition is intended to prevent an aggressive race for customers and misleading steering in the sector.
Campaigns with unforeseeable costs
Open-ended promotions may not be run where the total cost the platform will bear in future cannot be determined.
Example: “We cover 50% of all users’ losses.”
If it cannot be foreseen how many people will benefit or what the total burden will be, such a campaign is regarded as risky in terms of financial sustainability. It is also regarded as contrary to the legislation.
Promotions promising returns or steering investors towards a particular asset
Campaigns that encourage investment in a particular crypto asset, or that contain a guarantee of return, are prohibited.
Example:
“Invest in this altcoin and earn a 20% bonus!”
“A fixed monthly income for everyone who buys Token X!”
Such campaigns are prohibited because they contain a guarantee of return and because they carry a risk of market steering (manipulation).
4. Which promotions are permitted?
These extensive prohibitions leave CASPs with very little room for promotions. However, certain campaigns that comply with the Communiqué are possible in theory. What these campaigns have in common is that they are open to all, not based on a draw or lottery, free of high-value prizes and governed by terms clearly set in advance. Where a draw is involved, the National Lottery Administration comes into play, as explained in Section 6 of this article.
For example:
Giving new members a small “welcome” bonus (provided that it is of negligible value);
Applying a commission discount to all users who reach a certain trading volume;
Promotions that are conditional but not based on chance, with equal terms for everyone.
Campaigns of this kind may be regarded as compliant with the Communiqué as long as they involve no element of chance and do not offer high-value prizes. Even here, however, care must be taken that the prize is not of “very high” value. For example, “giving a new member crypto assets worth TRY 50” would be seen as reasonable. By contrast, giving away 1 ETH could fall into the “high value” category and be treated as prohibited.
5. Insurance cover may not be used in advertising (Article 16)
Under the Communiqué, CASPs may not highlight the insurance they take out on customers’ assets in their advertising and promotional activities.
A platform therefore may not run confidence-building advertisements such as “All assets are insured, so you can rest easy”. The scope of insurance cover may be limited, and such advertising could give investors the false impression that all risks have been eliminated.
6. National Lottery Administration approval for CASP campaigns
Promotional campaigns run by CASPs are restricted not only by the CMB Communiqué but also by the legislation of the National Lottery Administration (Milli Piyango İdaresi, “MPİ”). In Türkiye, any organisation that wishes to run a prize draw, lottery, raffle or other prize campaign based on an element of chance must obtain permission from the MPİ before the campaign begins. This applies equally to crypto platforms and to any other commercial business.
This obligation covers free promotional campaigns as well as paid draws. Accordingly, campaigns such as:
“A gift by prize draw for shoppers”,
“A prize by lot for traders”,
“A prize draw will be held among participants”
are subject to MPİ approval even where participants are not charged any additional fee.
Running a campaign in the nature of a draw or lottery without MPİ approval may result in criminal liability as well as administrative sanctions. Campaign design must therefore take both the CMB Communiqué and the MPİ rules into account.
6.1. Campaigns that do not require MPİ approval
Campaigns that the CMB does not prohibit, and that apply to everyone on a certain and equal basis, are not subject to MPİ approval. The key criterion is the absence of an element of chance.
Example: “For every TRY 1,000 traded, all users will receive crypto assets worth TRY 100, with no draw.”
In campaigns of this kind:
there is no draw;
there is no random selection;
the benefit is given to everyone on the same terms;
the prize is not of very high value.
MPİ approval is therefore not required.
6.2. Campaigns that require MPİ approval
If a campaign contains even the slightest element of chance, MPİ approval is mandatory, however low the value of the prize.
Example: “Concert tickets will be given to 100 people selected by lot from among all our users.”
A concert ticket is not considered to be of “very high value”, but MPİ approval is mandatory here because there is a draw.
Similarly, formats such as competitions, tournaments and quizzes also fall within the scope of MPİ approval if the outcome is decided by lot rather than by knowledge or performance.
Summary rule: If a campaign involves an element of chance, MPİ approval is mandatory, whatever the value of the prize.
6.3. How to apply to the MPİ: required documents and process
An application to the MPİ for approval of a draw is made with a file setting out all the details of the campaign. This file usually includes:
the participation conditions;
the prizes and their market values;
the draw date;
the number of winners;
information on the draw method
The MPİ reviews the application for compliance with the legislation and grants approval if it considers the application appropriate.
6.4. MPİ application fee and permit fee
6.4.1 Basic principle
Under the Regulation, natural or legal persons wishing to hold a draw must apply to the MPİ for each campaign and pay the “application fee” with the application. After the Law entered into force, this fee is increased every year by the revaluation rate determined for the previous year under the Tax Procedure Law.
6.4.2 Current amounts
According to the guide the MPİ published for 2025, the application fee for 2025 is TRY 10,167.00 + VAT. (These amounts change every year, so please make sure you are using current figures.)
Practical notes
The application fee receipt must be attached to the application file. An application will not be considered without the payment receipt.
No approval is granted for the campaign until the application fee has been paid.
The fee is charged separately for each campaign.
The fee is not charged for lotteries or draws run by public institutions and organisations, by tax-exempt foundations or by associations recognised as being in the public interest.
6.5. Permit fee
6.5.1 Basic principle
Where a campaign is approved, a permit fee is charged as a percentage of “the total fair market value of the prizes, awards or similar benefits undertaken”. Article 12(1) (as amended) of the Regulation governs this.
6.5.2 Rates
According to the guide published by the MPİ:
A permit fee of 15% of the fair market value of the prize applies.
The rate rises to 30% if the prizes or campaign products are imported, or if the prize is provided by a company other than the campaign organiser.
6.5.3 Cap and related rules
The permit fee is charged separately for each campaign.
Under Article 12(2) of the Regulation, the application fee and permit fee together may not exceed 40% of the fair market value of the prizes undertaken to be distributed
If the fair market value of the prize is stated in a foreign currency, the foreign exchange buying rate of the Central Bank of the Republic of Türkiye (CBRT) is used.
Worked example (calculation)
– Total fair market value of the prizes undertaken in the campaign: TRY 100,000 – Application fee (2025): TRY 10,167 + VAT – Permit fee (15%): 100,000 × 0.15 = TRY 15,000 + VAT – If the prizes are imported or provided by another company: 100,000 × 0.30 = TRY 30,000 + VAT
Note: These calculations do not include VAT or other campaign-specific costs, such as notary fees, advertising costs, newspaper announcement fees and the costs of announcing the results.
6.6. Practical points and warnings
All documents must be prepared in full, including the draw method, the participation conditions, the prize list, models and market values, and the letter of guarantee.
The application must be filed with the MPİ at least 15 days before the campaign starts.
Campaign announcements must include statutory warnings such as “Under-18s may not take part”.
Promotional activities should clearly disclose the prize and any sponsorship relationships. Failure to do so creates a risk of unfair competition and deceptive advertising claims.
Application and permit fees can add significantly to the total cost of a campaign, so they should be factored into budget planning.
6.7. Sanctions for holding a draw without MPİ approval
Holding a non-cash draw without MPİ approval is an act subject to criminal sanctions under Article 52 of Decree-Law No. 320. The legislation treats an unauthorised draw as a serious breach with both administrative and criminal consequences.
6.7.1. Criminal liability (Decree-Law No. 320, Article 52)
If a draw is held without approval, the following sanctions may apply:
Imprisonment: Organising, distributing, promoting and conducting the draw are each defined as offences.
Judicial fine: The courts may impose a judicial fine, which varies with the nature of the offence, the scope of the draw and the benefit obtained.
Seizure: All materials relating to the draw (tickets, coupons, receipts, digital codes, etc.) may be seized.
Suspension of the activity and blocking of advertisements: Publicising an unauthorised draw is also considered part of the offence, so an order may be made to stop the advertisements and suspend the campaign.
6.7.2. Specific risks for CASPs
For crypto-asset service providers, this breach may have far more serious consequences:
Administrative sanctions by the CMB: The CMB may treat running a campaign that requires MPİ approval without that approval as – misleading promotion to investors, – unlawful promotion, – unauthorised activity.
Combined with criminal law risk: Failing to obtain draw approval at all completely undermines any claim that the campaign complied with CMB regulations. Such a campaign may lead to sanctions under CMB rules, MPİ rules and criminal law at the same time.
Damage to corporate reputation: Regulatory compliance is of critical importance in the crypto-asset sector. Holding an unauthorised draw therefore seriously damages a platform’s credibility in the eyes of the regulator.
6.7.3. Conclusion and practical recommendation
In summary:
even if a promotional campaign fully complies with CMB regulations,
if it contains a “draw” element,
an application must be made to the MPİ and approval obtained.
This approval is mandatory, and failure to obtain it gives rise directly to criminal liability.
When CASPs plan campaigns, the following:
the MPİ application period (at least 15 days),
the application and permit fees,
notary, advertising and other mandatory costs,
the advertising restrictions introduced by the CMB’s regulations of 13 March 2025
must be factored in from the outset. Overlooking these obligations may lead to a financial burden as well as serious legal consequences.
7. Conclusion
The Capital Markets Board’s 2025 regulations have created a comprehensive and binding framework for crypto-asset service providers. CASPs may now carry out only those activities authorised by the CMB. Deposit-like arrangements, return guarantees, trading on behalf of customers and misleading steering are expressly prohibited.
Advertising and promotion are also subject to strict rules. Guaranteed-profit messaging, high-prize draws, referral programmes, aggressive competitions and manipulative advertising techniques now breach the legislation. The CMB aims to establish a transparent, measured and verifiable standard of communication in the sector.
CASPs must comply not only with CMB rules but also with other legislation, such as MPİ rules, consumer protection principles and commercial advertising regulations. MPİ approval is mandatory, particularly for campaigns based on chance, and unauthorised draws may give rise to administrative and criminal liability.
Ultimately, the new regulations have removed grey areas in the crypto sector and strengthened supervisory mechanisms. Whether platforms can operate successfully depends on their adopting a “compliance first, growth second” approach. This approach will support both investor security and the sustainable development of the sector.
GlobalB Law
Naz Kaylar, Attorney at Law
+90 02122588121
+90 05332118645