Are Crypto-Assets Inherited? The Transfer of an Exchange Account, Bitcoin and a Cold Wallet

The economic value of a crypto-asset can be the subject of an inheritance. However, acquiring the right of inheritance is different from technically accessing the asset. For a user balance held on a platform, an application can be made with entitlement documents, whereas for an asset in a person’s own wallet, the private key or other access conditions may be decisive. A certificate of inheritance (veraset ilamı) does not regenerate a lost key. [1]

In personal custody, a hardware or software wallet is distinguished from a multisignature structure. Finding the device may not be enough; a PIN or an additional signature may be required. If there is a minor heir or an heir under guardianship (vesayet), representation and permission to dispose are examined separately.

Secure Inventory and Evidence

Keys and recovery information should not be placed in a lawsuit petition, an open email or a table sent to the whole family. If technical expert support is needed, confidentiality, the limit of access, the records and the approval of transactions are determined. Randomly resetting or updating the device may cause access to be lost permanently. No guarantee should be given regarding the outcome of technical recovery.

A Claim Against a Platform and an Asset in a Personal Wallet Require Different Transfer Paths

For an asset held on a crypto platform, the heir’s counterparty may be the platform with which there is a service relationship and which holds the records. In personal custody, by contrast, the private key or recovery information is the decisive technical means. Although a certificate of inheritance shows legal entitlement, it does not regenerate a lost key. For this reason, the platform name, the account relationship and personal wallets are listed separately in the inventory; it is not assumed that all crypto-assets will be transferred through a single banking procedure. [1]

The presence of a wallet application on a device does not establish that the entire asset in that wallet belonged to the deceased. There may be a claim that the asset was held on behalf of a company, a joint investment or a third party. The link between a wallet address and the legal owner is investigated through account records, the source of the transfers and lawfully obtained documents. Who has technical control and who owns the property are not the same question.

Death Notification and Platform Application

The Request Is Made Through a Reliable Channel and as a Rights Holder

The death procedure is learned from the platform’s official support channel. The account holder’s identity, the death record, and the inheritance and representation documents are prepared. The document list of a particular platform operating in Türkiye cannot be applied as is to all domestic and foreign platforms. For example, the inheritance/death guidance published by Paribu shows the application route of its own service relationship; it does not replace general inheritance law. [3]

The request asks not only for the account to be closed but also about the assets on the date of death, open transactions, restrictions and movements occurring afterwards. If closing the account might make access to evidence harder, it is first requested that the records be preserved and provided in an appropriate manner. By comparing bank transfers with platform records, it may be understood with which money or assets the account was funded.

The Law Applicable on a Foreign Platform and the Effect of a Decision

The service agreement of the foreign platform, the country in which it is located and the legal entity serving the user are determined. It is asked with what certification and translation a Turkish certificate of inheritance would be accepted. If necessary, an application abroad or the effect of the decision must be assessed separately. A decision obtained in Türkiye does not become enforceable by compulsion on its own in the state where the foreign platform is located. [2]

Protecting Keys and Safe Authority Among Heirs

Private keys, recovery words and backups should not be written into the general estate table, an open email or an ordinary file accessed by all parties. A legal record of the existence of the asset and of its secure storage location can be kept in the inventory; the access secret is protected separately. If a technical expert is to be consulted, the assignment, the confidentiality and limit of access, the record of operations and the obligation to hand over should be determined. The existence of an expert does not remove the need to obtain the necessary legal authority from the heirs.

An heir’s possession of the key is not authority to move the other heirs’ shares into one’s own account. If a transaction for transfer or protection is necessary, it is documented from which address to which address, for what reason and with whose authority it was made. Because the transaction may be irreversible, verification of the address and network is important; however, this technical precaution does not replace the legal conditions of division. [1]

How Are Valuation and Tax Uncertainty Managed?

Because the price of a crypto-asset changes, the date of death, the valuation to be used for the declaration and the value on the date of actual division should be kept distinct from one another. The trading pair, currency, price source and time record are preserved. If different prices exist on more than one platform, the reason for the chosen method should be explained. The fact that an asset is “digital” does not make it unnecessary to examine its economic value for purposes of inheritance tax. [4]

It should not be assumed that the existing regulations explain every type of token in the same way. The right, debt or service that a token represents may differ. An NFT, a platform balance and a cryptocurrency do not have the same technical or legal characteristics. On a point that the special regulation does not explain, instead of asserting a definitive tax rate or exemption, a review of the legislation is carried out for the specific right and transaction.

Which Records Are Preserved in an Unauthorized Transfer?

The transaction ID, network, block time, sender and recipient addresses, platform records and access notifications are preserved. That a transfer is visible on the blockchain does not by itself identify the person behind the recipient address. To whom the money belongs and under what authority the transaction was carried out are proven separately. A publicly available transaction record and a platform record containing personal data are not obtained by the same route. [5]

If an unauthorized transfer is suspected, a record-preservation notice to the platform and a civil or criminal application suited to the specific case are considered. A criminal complaint is not a guarantee that the asset will automatically be recovered. In a civil claim, the defendant, the ground of liability and the calculation of the loss must be determined; in interim protection, it must be determined which property or receivable can be protected. Whether the asset is in a personal wallet or under control on a centralized platform affects the measures that are applicable.

Sample Division and Closing of the File

Suppose, hypothetically, that two heirs take over a certain amount of crypto-assets on a platform and another personal wallet. While a documented institutional application is made for the platform balance, the keys of the personal wallet are kept securely. If one of the heirs wants cash and the other wants the asset in kind, the price date, transaction cost and division method are determined in writing. Preventing one party from later claiming loss because the price has risen depends on the method used and the consent being clear; the risk of market movement cannot be eliminated entirely.

At closing, legal entitlement, the transfer that took place, the remaining assets, costs and tax procedures are shown together. Handing over the key does not by itself prove that the entire asset has been safely transferred; the new control arrangement and the status of earlier access are also assessed. This work is not investment advice; it is a process of determining the right of inheritance and applying it securely.

How Is an Application File for Crypto Inheritance Built?

First Stage: The Rights Holder, the Account and the Custodian Are Identified

The application file must answer three separate questions: Who is the heir, which asset belongs to the deceased, and who actually controls this asset? The certificate of inheritance serves to answer the first question. The platform account statement, bank transfers and lawfully obtained ownership records relate to the second question. The custody agreement, the device and the multisignature arrangement clarify the third. It should not be assumed that a single document resolves all three.

An heir living abroad should not have all documents translated in the same way before obtaining the document list from the platform. The country in which the document was issued, the applicable agreement, the need for an apostille or consular certification and the form of the Turkish translation are checked together. An apostille relates to verifying the signature and official status on a foreign document; it does not by itself cause the document to produce all legal consequences in Türkiye. The conditions for using a foreign certificate of inheritance are assessed separately. Law on Private International and Procedural Law

Second Stage: Protection and Authority to Dispose Are Separated

Requesting protection of the account is not the same as selling the entire asset or transferring it to one heir’s personal wallet. Under Article 640 of the Turkish Civil Code, joint exercise of rights is the rule in a joint estate (miras ortaklığı); each heir also has the possibility to request protection of the rights in the joint estate. If transactions cannot be carried out because of a dispute, the appointment of an estate representative by the civil court of peace (sulh hukuk mahkemesi) may be considered. The scope of the representative’s duties is determined separately. Turkish Civil Code

In the power of attorney, the scope of account research, requests for information and collection should be clear. In a dispute, acts that require special authority, such as settlement or waiver, should not be confused with a general authority to apply. Providing a technical expert with access does not mean that economic authority to dispose is granted to that expert either. The review the expert will carry out, the record the expert will create and the report the expert will deliver are limited from the outset.

How Do the Rules of the Capital Markets Board (SPK) and the Inheritance Procedure Apply Together?

In respect of crypto service providers, the finding of a regulatory gap in a decision dated 2020 should not be repeated today as meaning that no regulation exists. In its announcement dated March 13, 2025, SPK stated that two communiqués numbered III-35/B.1 and III-35/B.2, on establishment and operating principles and on operating procedure and capital adequacy, had been published. These regulations are important for the status of the service provider; they do not replace the inheritance-law rules that determine who the heirs are. SPK announcement

The presence of a company on SPK’s “List of Active Entities” (Faaliyette Bulunanlar Listesi) does not by itself mean that it is authorized. This warning on the institution’s own page should be taken into account; on the day of application, the permit, the scope of activity and any restriction should be verified separately. The heir should address the actual party to the contract rather than the brand seen in advertising. SPK list and explanation

The Limit Shown by an Actual Decision: A Digital Estate Can Be Investigated

The decision of the 6th Civil Chamber of the Antalya Regional Court of Appeal (BAM) dated November 13, 2020, E.2020/1149, K.2020/905, is important in that digital assets should not be excluded without investigation. However, the decision does not say that a lost private key can be produced by a court or that every crypto account must be handed over unconditionally. It is a decision to set aside because of insufficient investigation in a dispute concerning account access. Accessible text of the decision

This distinction changes the practical result: while it may be possible to request the records kept by a platform, in a personal wallet where no custody is provided, the institution may have no means of recovery. Whether a decision on ownership, representation, return or liability can be obtained through the court and whether the on-chain transaction can technically be carried out must be assessed separately. The existence of a technical impossibility does not mean that all legal claims against the person who wrongfully keeps the key or who transferred the asset have also disappeared.

Numerical Example: The Same Amount, a Different Value on Different Dates

Suppose, in an entirely hypothetical file, that on the date of death there were 0.40 units of a crypto-asset and that in the reliable price record chosen the unit value was 2,000,000 Turkish lira (TL). The inventory equivalent would be 800,000 TL. If the unit value has risen to 2,500,000 TL on the day of division, the market equivalent of the same amount is 1,000,000 TL. The 200,000 TL difference between the two dates does not show that a new asset has been deposited to the account. This calculation is not a definitive determination of the tax base; it illustrates the importance of separating the valuation dates.

If the heirs choose division in kind, the quantity, network and fee are recorded; if they choose sale, the authority to sell, the order conditions, the realized price and the net proceeds collected are recorded. Which price will be used as the basis for the tax declaration is a separate legal review. For uncertain tokens, obtaining an opinion from the tax administration may be considered. The point that purchases and sales made before the transfer is completed may give rise to new income and tax consequences should also be addressed separately. Inheritance and Transfer Tax Law

Which Claim Should Be Brought if the Application Is Rejected?

A reply of “the transaction cannot be made” is not a sufficient explanation on its own. It is asked in writing whether a document is missing, whether there is a dispute over representation, whether the account belongs to another company, or whether technical access is not possible. If the missing document can be remedied, the file is first completed. In a dispute over entitlement, judicial determination; where there is a risk of loss of evidence, preservation of evidence; and where there is a danger of a specific asset being transferred, an interim injunction, if its conditions are met, are assessed separately. Code of Civil Procedure

The court with subject-matter jurisdiction is not determined merely by the subject being crypto. Estate protection, consumer transaction, commercial relationship and wrongful transfer claims may be subject to different procedural routes. The defendant legal entity must be correctly identified and the contract and transaction records examined. On a foreign platform, additional stages may arise for notification and for enforcement of the decision. Making the first application does not automatically stop all time limits for bringing an action or statute-of-limitations periods; a calendar of time limits must be kept separately.

Conclusion

In crypto inheritance, success depends on establishing legal entitlement and secure technical access together. If the platform procedure, wallet security, valuation and division are documented, the transfer becomes traceable; technical limitations such as the loss of a key must, on the other hand, be assessed openly.

Related articles: Life insurance death compensation; Transfer of shares and investment funds; Gold, jewelry and the bank safe; Estate procedures without coming to Türkiye and power of attorney; Death under the private pension system (BES) and payment to the beneficiary; Locating the assets left as inheritance in Türkiye

Frequently Asked Questions

Is Bitcoin Inherited?

The economic right can be the subject of an inheritance; proof of access and of ownership is also required.

Does a Certificate of Inheritance Open a Cold Wallet?

No. The document does not take the place of the technical key or the recovery mechanism.

Can an Heir Who Knows the Password Take the Entire Asset?

Technical access does not by itself give legal ownership or authority to divide.

Is There No Tax at All on Crypto Inheritance?

That assumption is not correct. The valuation of the asset and the inheritance and transfer tax obligation are examined separately.

Can an Heir Abroad Apply Without Coming to Türkiye?

If the documents accepted by the institution and a representation arrangement can be established, the transaction can be carried out remotely or through an attorney-in-fact. The conditions for the use, certification and translation of foreign documents should be asked about in advance; there is not the same procedure for every platform.

Does Being on the SPK List Mean an Operating Permit?

No. SPK’s explanation on the List of Active Entities makes this distinction explicitly. The current authorization and the scope of activity should be checked separately.

Can All Crypto-Assets Be Sent to a Single Heir?

This result cannot be assumed without a valid division or representation arrangement. The rights in the joint estate, the will of the other heirs and, if there is a minor heir, the relevant permissions are examined.

Does a Court Decision Bring Back a Lost Private Key?

A decision can determine legal rights and obligations; it does not technically regenerate a lost key. On the other hand, claims against a person who wrongfully holds the key or who transferred the asset can be assessed separately in the specific case.

Sources and legal bases

1. Law No. 4721, Turkish Civil Code
2. Law No. 5718 on Private International and Procedural Law
3. Paribu Support, inheritance procedure for the account of a deceased user
4. Law No. 7338 on Inheritance and Transfer Tax
5. Law No. 6100 on Civil Procedure
6. SPK announcement
7. SPK list and explanation
8. Accessible text of the decision