Catenaa, Thursday, October 02, 2025-Turkey is preparing legislation that would give its financial intelligence unit, Masak, broad authority to freeze bank and cryptocurrency accounts linked to suspected criminal activity.
The draft bill, expected as part of the 11th Judicial Package when parliament reconvenes, would allow Masak to shut down accounts, cap transaction limits, restrict mobile banking access, and blacklist crypto wallet addresses across banks, payment firms, and exchanges.
The measures target “rented accounts,” where individuals lease banking credentials for illegal gambling, fraud, and other illicit activities.
The move follows Turkey’s removal from the Financial Action Task Force’s grey list in June 2024, a milestone celebrated by Finance Minister Mehmet Simsek as a signal of stronger oversight.
Proponents argue that the legislation could curb financial crime and enhance transparency in the banking and crypto sectors.
Industry experts warn the measures could raise compliance costs for crypto platforms and drive retail users toward decentralized or offshore alternatives.
Hüseyin Gökay Aktaşın of Turkey-based exchange CoinTR noted that regulated platforms already adhere to Masak and Capital Markets Board guidelines, emphasizing AML compliance and user protection.
Critics, however, caution that giving a state agency sweeping control over personal and crypto accounts undermines the principles of self-custody and censorship resistance central to cryptocurrency.
Analysts suggest institutional adoption may benefit if the framework is implemented with clarity, but retail users could increasingly shift to decentralized platforms to avoid restrictions.
The legislation remains subject to change during parliamentary review, with amendments possible before final approval.
