Turkey is preparing new legislation to strengthen its fight against money laundering and financial crimes, granting MASAK the authority to freeze suspicious crypto accounts.
According to Bloomberg, the draft law to be submitted to parliament under the 11th Judicial Package will expand MASAK’s powers beyond banks to payment firms, electronic money institutions, and crypto platforms. The watchdog will be able to shut down accounts, impose transaction limits, suspend mobile banking, and blacklist wallets linked to illicit activity. The move mainly targets the widespread use of “rented accounts” in illegal betting and fraud.
Turkey was removed from the FATF “grey list” in June 2024, and the upcoming regulation is seen as a continuation of compliance with international standards. Sources emphasized, however, that the proposal is still in draft form and may change during the legislative process.
For the crypto market, MASAK’s new authority to halt suspicious transactions in real time signals tighter oversight and stricter compliance requirements for local trading platforms. This could mark a turning point for crypto operations in Turkey, bringing both enhanced security and greater regulatory pressure.
