The Turkish government is drafting legislation that would allow its financial crime watchdog, MASAK, to freeze cryptocurrency accounts, part of efforts to combat money laundering and financial fraud.
According to a report by Bloomberg, the bill is set to be introduced in the Grand National Assembly in the coming months. Although an exact timeline has not been given, officials say the law is designed to strengthen oversight of digital assets.
The draft legislation expands the mandate of the Financial Crimes Investigation Board (MASAK), Turkey’s primary anti-money laundering authority. Under the proposal, MASAK would be able to freeze or close not only bank accounts but also cryptocurrency wallets linked to illicit transactions.
The measures follow recommendations from the Financial Action Task Force (FATF), the global body that sets standards for combating financial crime.
Focus on Rented Accounts and Online Fraud
A significant aim of the law is to curb the use of “rented accounts”. These accounts are often leased by individuals to criminals who exploit them for activities such as illegal gambling and financial fraud.
The new authority would enable MASAK to freeze both crypto and fiat accounts associated with suspicious behavior, impose limits on questionable transactions, and blacklist wallets connected to criminal activity.
Officials believe that these steps will close important loopholes that have allowed illicit networks to flourish.
Growing Oversight Since Mid-2025
Although cryptocurrency trading remains legal in Turkey, regulatory scrutiny has increased throughout 2025.
In June, the Finance Ministry announced stricter rules for exchanges. The rules required platforms to collect detailed information on the source and purpose of transactions. The same package also introduced limits on stablecoin transfers, aiming to mitigate risks associated with anonymous or unregulated flows.
A month later, in July, the Capital Markets Board (CMB) moved against unauthorized digital asset services. It blocked access to several platforms that were operating without proper authorization, including PancakeSwap, a well-known decentralized exchange.
While profits from crypto remain untaxed as of October 2024, the government’s message is clear: tighter rules are coming. These steps indicate that Turkish regulators are steadily creating a more regulated environment for digital assets.
Rising Adoption Amid Lira’s Decline
Despite mounting regulations, cryptocurrency adoption in Turkey has accelerated in recent years.
In a September report, the Chainalysis Global Crypto Adoption Index ranked the country among the world’s leaders in both retail and institutional activity.
The driving force behind this trend is the severe decline of the Turkish lira. Since 2018, the currency has lost significant value, battered by high inflation, expensive borrowing, and repeated loan defaults.
This erosion has undermined public faith in the lira as a reliable store of value, pushing people to seek alternatives.
For many households, cryptocurrencies such as Bitcoin and dollar-pegged stablecoins have become a safeguard against economic instability. These assets offer protection from domestic monetary shocks and are viewed as a hedge against further depreciation.
The contrast in valuation tells the story: in 2020, one Bitcoin was priced at around 100,000 lira. By September 2025, that figure had surged beyond 4.6 million lira, reflecting both Bitcoin’s growth and the currency’s steep fall.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
