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Turkey is preparing to tighten its grip on illicit financial activity, with a new bill granting sweeping powers to the Financial Crimes Investigation Board (MASAK). According to Bloomberg, the draft legislation set to be debated in parliament would authorize MASAK to freeze or close bank and cryptocurrency accounts suspected of being linked to criminal activity.
🇹🇷 Turkey Moves Toward Strict Crypto Regulation
The government is preparing a new law: MASAK (the financial watchdog) will now be able to directly freeze both bank and crypto accounts. In short, Turkey is stepping into full-scale control over its crypto market.
What’s changing:… pic.twitter.com/J0yzq88v0n
— Rizz-Go (@rizzgollc) October 1, 2025
Expanded Powers for MASAK
If approved, the new framework would allow MASAK to target suspicious accounts more directly, including those tied to so-called “rental accounts,” where individuals lend their bank or crypto wallets to criminal groups.
The measures include:
- Restrictions on certain financial transactions
- Suspension of mobile banking services
- Blacklisting cryptocurrency wallet addresses
These actions would effectively cut off access to Turkey’s payment systems, banks, and cryptocurrency exchanges for accounts flagged as suspicious.
FATF Pressure and Economic Backdrop
The regulatory push comes as Turkey seeks to align with recommendations from the Financial Action Task Force (FATF), which sets global standards for anti-money laundering (AML). Turkey currently remains on the FATF “grey list,” facing pressure to strengthen its financial oversight mechanisms.
At the same time, the country’s economic struggles have accelerated crypto adoption. Since the sharp decline of the Turkish lira in 2018 and persistent high inflation, citizens have increasingly turned to Bitcoin (BTC) and U.S. dollar-pegged stablecoins as a store of value.
While crypto has offered financial refuge, it has also created new vulnerabilities, providing fresh avenues for money laundering and unmonitored capital flows.
New Obligations for Crypto Exchanges
The Turkish Finance Ministry is also preparing additional rules for cryptocurrency exchanges, requiring them to collect and report detailed information on the source and purpose of transactions. A particular focus will be placed on the use of stablecoins pegged to the U.S. dollar, which have surged in popularity among local investors.
This legislation marks a pivotal moment in Turkey’s approach to digital assets: balancing citizens’ growing reliance on crypto with stricter oversight to curb financial crime.
