Turkey is preparing to give its financial crime agency, Masak, the authority to freeze and restrict access to crypto accounts as part of broader anti-money laundering (AML) reforms. The move aligns with standards set by the Financial Action Task Force (FATF) and is expected to be introduced in parliament through a forthcoming bill, according to Bloomberg.
The initiative continues Turkey’s crackdown on financial crime, including enhanced reporting requirements for crypto transactions. A June report from Anadolu Agency noted that crypto platforms will be required to collect more detailed information on the transactions they process.
New transaction and reporting requirements
Under the proposed rules, crypto service providers must verify the identities of users conducting transactions over 15,000 Turkish lira (around $360) and ensure each transfer includes a transaction note of at least 20 characters.
When full sender and recipient information is missing, platforms would be required to hold withdrawals typically for 48 hours, or 72 hours for first-time withdrawals from new accounts. Stablecoin transfers would also face limits: users could send up to $3,000 daily and $50,000 monthly. Platforms fully complying with the Travel Rule could offer double these limits.
Finance Minister Mehmet Şimşek warned that noncompliant platforms could face fines, denial of licenses, or license cancellations.
Previous regulatory measures and market impact
Turkey has already taken steps to regulate the crypto sector. In March, the Capital Markets Board (CMB) implemented licensing and operational requirements for crypto asset service providers (CASPs), granting oversight over exchanges, custodians, and wallet providers. The regulations also include minimum capital requirements: $4.1 million for exchanges and $13.7 million for custodians, alongside rules for executive backgrounds and shareholder structures.
Industry experts have expressed concern that stricter rules may drive some major players out of Turkey. Coinbase has withdrawn its pre-application to enter the Turkish market, while Binance announced the termination of its retail referral program in Turkey.
Turkey’s growing crypto presence
Despite regulatory tightening, Turkey remains a significant player in global crypto markets. Chainalysis’ 2025 Crypto Adoption report ranks the country 14th worldwide in adoption. Authorities argue that these measures are necessary to prevent misuse of the sector and ensure robust oversight.
To further support government revenues, Turkey is also considering a 0.03% transaction tax on crypto trades. Finance Minister Şimşek clarified that there are currently no plans to tax profits from crypto assets or the stock market, though a limited transaction-based fee could be introduced.