Turkey is drafting comprehensive new legislation to expand the authority of its Financial Crimes Investigation Board (MASAK) over cryptocurrencies, banking, and mobile platforms. The proposed bill seeks to enhance anti-money laundering measures and combat financial fraud by giving MASAK power to freeze both cryptocurrency and traditional bank accounts linked to suspicious activities. The initiative is part of Turkey’s broader push toward digital identity and financial technology regulation, following the country’s recent developments in national digital ID infrastructure.
Under the proposed legislation, MASAK would gain the power to freeze or close accounts suspected of involvement in criminal activities across payment systems, electronic money institutions, banks, and cryptocurrency exchanges. The regulatory body would also be able to impose transaction limits and blacklist crypto wallets associated with illicit uses, matching measures adopted by other jurisdictions implementing strict Know Your Customer (KYC) requirements.
The bill requires all cryptocurrency operators in Turkey to register locally and follow strict anti-money laundering and customer protection requirements. These rules include mandatory ID verification for transactions exceeding 15,000 Turkish lira and implementing limits on stablecoin transfers. The legislation also introduces delays for certain cash withdrawals as a preventive measure. Such requirements match growing global trends in cryptocurrency regulation, where platforms increasingly implement biometric verification and enhanced KYC measures to prevent fraud.
A central focus of the new regulations addresses “rented accounts,” where criminals lease accounts from individuals to conduct illegal gambling and fraud. The expanded powers would allow MASAK to freeze such accounts to close existing regulatory loopholes. The approach mirrors successful anti-fraud measures implemented by other financial regulators worldwide.
While cryptocurrency trading and investment remain legal in Turkey, with profits currently untaxed as of October 2025, the use of crypto for payment services has been prohibited since 2021. Earlier in 2025, Turkey’s Capital Markets Board restricted access to unauthorized digital asset platforms, including decentralized exchanges. The regulatory framework reflects a growing trend among nations to implement identity-verified cryptocurrency platforms with mandatory KYC requirements.
The legislation follows recommendations from the Financial Action Task Force (FATF) to promote transparency and reduce the use of digital assets for money laundering and terrorist financing. The bill is expected to be introduced to the Grand National Assembly, though no specific timeline has been announced. The development marks another step in Turkey’s ongoing efforts to modernize its financial infrastructure while maintaining security and regulatory compliance.
Sources: Mitrade, CoinCentral, TheCryptoBasic, Cointelegraph
