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Turkey is preparing new legislation that could give its financial crime watchdog, Masak, the authority to freeze cryptocurrency accounts. The plan is part of a broader push to curb money laundering, illegal gambling, and fraud, reflecting how regulators are stepping up oversight of the fast-growing crypto market.
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According to Bloomberg, the draft legislation would allow Masak to freeze or close accounts across banks, electronic money institutions, payment providers, and cryptocurrency exchanges. Masak could also impose transaction caps and blacklist wallets linked to criminal activity.
One of the main goals is tackling “rented accounts” — accounts that individuals lease to criminals in exchange for payment, often used to funnel funds tied to illegal gambling or financial fraud.
The measures reflect the Turkish government’s effort to stay aligned with global anti-money laundering standards. The Financial Action Task Force has repeatedly urged countries to apply stronger oversight to crypto markets, and Ankara appears ready to bring its framework in line.
The proposed bill will be introduced in the Grand National Assembly, though lawmakers have not provided a timetable. If approved, it would give Masak wide powers to freeze suspicious accounts instantly, targeting both fiat and digital assets.
Despite the tighter stance, cryptocurrency remains popular in Turkey, where many use digital assets as a hedge against inflation and currency volatility. Trading and investing are still legal, and as of October, profits are not subject to taxation. However, the government’s new push suggests stricter regulation is on the way.