To print this article, all you need is to be registered or login on Mondaq.com. Although it remains unclear whether cryptocurrencies will replace traditional money in the near future or ever, they have become a global phenomenon lately. Likewise, the economic turbulence in Turkey has led to a surge in swapping the local currency for cryptocurrencies despite their price volatility. According to a recent survey, Turkey has the fourth-highest rate of cryptocurrency use out of 74 countries Background of Recent Developments With the more and more growing popularity of the crypto market in Turkey, the government's concerns about using cryptocurrencies for illegitimate activities such as money