Türkiye is preparing a law to freeze Masak's bank and cryptocurrency accounts to strengthen the fight against money laundering, according to Bloomberg.
The Turkish government is moving forward with legislation that will give the anti-money laundering agency, Masak, the power to freeze bank accounts and cryptocurrenciesThe measure, reported by Bloomberg, represents a significant step in the country's financial regulation, aligning it with the international standards of the Financial Action Task Force (FATF).
The Turkish government's proposal responds to growing concerns about the misuse of digital assets in illicit activities and seeks to modernize control mechanisms in an economic environment where cryptocurrency adoption has increased significantly.
As Türkiye tightens controls, operate crypto safely hereMasak's regulatory power in financial supervision is expanded
Traditionally, Masak has focused on supervising and preventing money laundering within the conventional financial system. However, the new legislation would expand its scope to include cryptocurrencies, authorizing the agency to freeze or restrict not only bank accounts but also those on asset exchanges and digital wallets. This will allow the agency to intervene in electronic payment systems, electronic money institutions, and digital asset trading platforms.
According to reportThis initiative comes in a context where Türkiye has experienced significant growth in crypto activity, driven by the volatility and constant depreciation of the Turkish lira. In this scenario, Many people have turned to Bitcoin and stablecoins as alternative stores of value.However, this increased adoption of crypto assets has caught the attention of local authorities, who are seeking to prevent these instruments from being used to facilitate money laundering or fraud.
One of the motivations outlined in the draft is to combat so-called "rental accounts," a method in which malicious actors pay third parties to use their accounts for illegal activities, such as financial fraud and illegal gambling. This will allow Masak to impose limits on suspicious transactions, establish blacklists of digital wallets linked to crimes, and exert greater control over the flow of digital resources.
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The design of this regulatory proposal is part of compliance with the recommendations issued by the Financial Action Task Force, the body responsible for establishing global policies to prevent money laundering and terrorist financing. Turkey's willingness to adapt its legislation to respond to these guidelines indicates progress in regulating the crypto sector at the national level, aligning itself with international criteria to ensure transparency and traceability of operations.
In addition to expanding Masak's powers, the Turkish government is moving forward with other regulations requiring crypto exchanges to collect comprehensive data on the origin and destination of transactions. These new regulations also include imposing specific limits on stablecoin transfers, which aims to strengthen the control over significant movements of digital capital.
Last month, Turkey's Capital Markets Board (CMB), one of the main financial regulators, issued measures blocking access to digital asset platforms deemed "unauthorized," including some popular ones internationally, such as the decentralized platform PancakeSwapThese actions reflect Türkiye's intention to equip its regulatory bodies with the tools to maintain order in the cryptocurrency market, ensuring they operate within a clear regulatory framework.
Your direct access to the crypto world: enter Bit2Me nowCryptocurrency adoption is growing in Türkiye
Interest in cryptocurrencies in Türkiye has been on the rise in recent years. According to the latest global crypto adoption report published by Chainalysis in September, the country ranks among the top cryptocurrencies in the world. 14 position in terms of global adoption. This phenomenon can be directly linked to the sustained deterioration of the Turkish lira which, since 2018, has been affected by an economic crisis characterized by high inflation, rising financing costs, and a series of credit defaults.
In this context, citizens and companies are looking for alternatives to protect their savings, and digital assets such as Bitcoin and stablecoins have positioned themselves as attractive options. The price of Bitcoin against the lira reflects this dynamic: while in 2020 one Bitcoin was worth approximately 100.000 Turkish lira, it is currently worth over 4,6 million, a figure that reflects the combination of the increase in the price of Bitcoin and the depreciation of the national currency.
This situation has led the crypto sector to become an increasingly important component of the Turkish financial ecosystem. However, the market's growth also drives the need to establish regulatory mechanisms that guarantee the legality and security of transactions, without hindering technological development or financial innovation.
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The legislative project to grant Masak the ability to freeze bank and cryptocurrency accounts in Turkey represents a significant step in adapting the regulatory framework to the realities of today's digital marketplace. Through this initiative, the country seeks to strengthen the fight against money laundering and other illegal financial activities, integrating the FATF's international recommendations and promoting a more transparent and controlled environment for digital transactions.
This legal evolution responds to an economic context that has driven greater adoption of cryptocurrencies among the population and reflects a dynamic in which authorities combine the promotion of financial innovation with the establishment of appropriate controls to maintain system stability. According to Bloomberg sources, the measure will be presented to the Turkish Parliament, and its implementation will mark a step forward in the comprehensive regulation of the crypto sector in the country.
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