Turkey is preparing to tighten its grip on the cryptocurrency sector as regulators push for stronger compliance with global anti-money laundering standards. According to reports, the Financial Crimes Investigation Agency (Masak) will soon be given sweeping powers to freeze bank accounts and crypto wallets, a move that aligns with the Financial Action Task Force (FATF) recommendations. This proposed legislation underscores Turkey’s determination to curb illicit financial flows while reinforcing its position in international financial oversight.
The new bill will allow Masak to act decisively against suspicious financial activity. The regulator will not only have the ability to freeze accounts in banks, payment services, and electronic money issuers, but also extend its reach to cryptocurrency platforms. In addition, the proposal introduces several critical measures: setting transaction limits, blocking mobile banking services, and blacklisting crypto addresses linked to criminal activities. These powers, if enacted, could significantly reshape how digital assets are monitored and controlled in Turkey.
One of the central goals of the initiative is to combat the growing issue of so-called “rented accounts.” In this fraudulent practice, criminals pay individuals for access to their banking or crypto accounts, which are then used for money laundering, illegal betting, or scams. By targeting these schemes, Turkish authorities aim to reduce one of the most pressing loopholes exploited in the financial system.
The legislation is expected to be introduced as part of Turkey’s 11th judicial package in the upcoming legislative year. However, sources caution that the final text could undergo revisions or face delays during parliamentary review. If passed, the law would represent a significant milestone in Turkey’s evolving anti-money laundering (AML) framework.
Masak already plays a critical role in collecting and analyzing suspicious transaction data, referring cases to prosecutors, and ensuring that Turkey aligns with international financial crime standards. Expanding its powers is seen as essential for addressing the growing risks associated with digital assets, especially as cryptocurrency adoption in Turkey continues to rise amid inflationary pressures on the lira.
Bloomberg sources note that these measures are also designed to improve Turkey’s compliance score with the FATF, which has placed the country under close observation in recent years. Meeting these requirements is crucial not only for the stability of Turkey’s financial system but also for maintaining trust with international partners and investors.
In conclusion, Turkey’s move to empower Masak with enhanced oversight over both traditional and crypto accounts marks a pivotal moment in its regulatory evolution. By focusing on AML enforcement, suspicious transaction monitoring, and crypto blacklisting, the country is signaling a strong commitment to financial transparency. For the crypto industry, however, this could mean stricter operating conditions, with platforms and users needing to adapt quickly to the incoming wave of regulatory scrutiny.
