365Crypto
Ankara’s New Play Against Dirty Money
Turkey is drafting a bill to give Masak, its financial crime watchdog, power to freeze crypto accounts. This is part of a wider push to fight money laundering and financial fraud. The bill follows global rules set by the Financial Action Task Force (FATF).*
*FATF = an international group that sets anti-money laundering standards.
Crypto Under the Microscope
The plan would let Masak freeze or shut down accounts in banks, payment apps, and crypto exchanges. It could even blacklist wallets tied to scams. A key target is “rented accounts,” which criminals use for gambling and fraud.
Watchdogs Closing In
Trading crypto is still legal in Turkey. Profits aren’t taxed—yet. But regulators are tightening the leash. The Finance Ministry is already working on rules that would force exchanges to gather more data on transactions. The Capital Markets Board even blocked access to some unlicensed platforms.
Inflation Fuels Adoption
Turkey’s crypto boom is rooted in money troubles. Inflation has drained the lira’s value since 2018. A loaf of bread costs more each month. Savings lose value fast. Citizens rushed to Bitcoin and dollar-pegged stablecoins to protect their money. In 2020, 1 BTC equaled 100,000 lira. Today, it’s over 4.6 million lira.
