Turkey is preparing new rules that would allow its financial crimes authority, Masak, to block cryptocurrency accounts.
The plan aims to stop money laundering and financial misconduct, according to a Bloomberg report citing people familiar with the matter.
The proposal would widen Masak’s current responsibilities. Currently, it oversees anti–money laundering compliance, but under the new rules, it could also freeze both digital asset accounts and traditional bank accounts.
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The government’s decision follows recommendations from the Financial Action Task Force (FATF), an international body that sets standards to prevent money laundering and the financing of terrorism.
By following FATF guidance, Turkey aims to enhance its oversight of financial transactions and close loopholes used for illicit purposes.
The draft law is expected to be introduced in the Grand National Assembly, though no date has been announced.
If it passes, Masak would have the authority to suspend or close accounts linked to illegal activity across banks, payment systems, e-money firms, and crypto exchanges. It could also restrict transaction sizes and blacklist wallets connected to unlawful use.
A particular focus is on tackling “rented accounts”. These are accounts that individuals lease to criminals, often for illegal gambling or scams. Authorities see them as a major challenge because they make it harder to track the real owners of suspicious funds.
South Korea’s Democratic Party recently introduced a new group called the Digital Asset Task Force. What is it? Read the full story.
