Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. 
The Turkish government has revealed plans to debate a new bill on September 30 that would grant sweeping powers to its financial crime watchdog. The proposed legislation would allow the Financial Crimes Investigation Board (MASAK) to freeze and shut down bank accounts and cryptocurrency wallets suspected of being linked to illegal activity, according to Bloomberg.
If passed, the bill would significantly strengthen MASAK’s authority to act against suspicious financial transactions. One of the main targets is the widespread practice of “rental accounts,” where individuals lend their bank or crypto accounts to criminal groups.
Measures under consideration include transaction restrictions, suspension of mobile banking services, and the blacklisting of cryptocurrency wallet addresses. Such steps would enable banks, payment systems, and crypto exchanges to block access across the financial ecosystem.
FATF Pressure and Economic Strains Behind the Push
The proposed legislation comes as Turkey seeks to align itself with international anti-money laundering standards. The country is currently on the Financial Action Task Force (FATF) grey list, which has urged Ankara to tighten its oversight of financial crimes.
Turkey’s economic challenges also play a role in the government’s regulatory push. With the Turkish lira facing steep devaluation and persistent inflation since 2018, many citizens have turned to Bitcoin (BTC) and dollar-pegged stablecoins as a store of value.
While crypto adoption has surged, regulators warn that digital assets have also created new vulnerabilities for money laundering and illicit finance.
Tighter Scrutiny of Crypto Exchanges and Stablecoins
In parallel with the MASAK-focused bill, Turkey’s Ministry of Finance is drafting regulations requiring crypto exchanges to collect more detailed information on the origin and purpose of transactions. Particular attention is being placed on stablecoins pegged to the U.S. dollar, which have become a popular hedge against inflation and currency volatility.
These measures mark the most comprehensive step yet in Turkey’s efforts to bring its crypto market under tighter control while also responding to global watchdog concerns.
