New Turkish Bill Seeks Tighter Control of Crypto, Banking, and Mobile Platforms

The Turkish government is preparing new policies to expand state control over bank accounts, , and mobile banking platforms. The move is part of the country’s broader crackdown on financial crime.

According to reports, the bill would give MASAK (Turkey’s financial crimes watchdog) power to freeze or restrict bank and crypto accounts linked to illicit activity. It would also grant authorities the power to suspend mobile payment services, blacklist certain crypto addresses, and impose stricter oversight of “rented accounts” used for illicit activities. 

New Laws Could Change How Turks Spend Money 

The new regulatory proposal in Turkey is being designed to meet the standards of the. It will be included in the 11th bill to be submitted to parliament. If the bill passes, the Financial Crimes Investigation Board would be able to add accounts and wallet addresses involved in crimes to a blacklist, blocking transactions.

The draft also demands stricter compliance requirements on platforms. Platforms will need to collect enhanced sender and recipient data, delay withdrawals when identity checks are questioned, and enforce transfer caps on stablecoins — unless they fully comply with data-sharing mandates. For the average Turkish crypto user, this means longer wait times, stricter , and less privacy.

On paper, this is a excellent security measure for Turkish residents, as they are better protected from malicious actors. Plus,  platforms, custody providers, and wallet services will know the boundaries in which they can legally operate.

However, its success will change how they spend money. Even though trading and holding crypto are still legal in Turkey (despite the ban on payment usage), the enhanced surveillance and freezing powers make moving from crypto to fiat more challenging, especially from a compliance standpoint. 

More residents, especially crypto users, may opt for or offshore platforms to evade the strict regulatory oversight. Additionally, heavy demands lie on platforms, and a potential increase in compliance costs may deter crypto beginups, especially smaller ones, from operating in Turkey.

Government Policies and The Decentralization Paradox 

Governments creating new and strict policies isn’t new. Turkey’s proposals reflect FATF pressure for freezing powers and oversight. However, bills like this are a paradox because they antagonize the decentralization and permissionless access that crypto promises. 

For Turkish residents, the new bill would create a system where they can’t transact freely without intermediaries controlling or blocking their activities if deemed illicit. Moreover, freezing powers over crypto addresses — especially via platforms or custodial apps — could render “decentralized” assets and platforms subject to state action. 

The large question is: how truly decentralized is a system when a government can blacklist or freeze addresses connected (even indirectly) to regulated services? Ultimately, as regulators tighten their grip globally, the crypto industry must reconcile idealism with real-world government power.