Turkey to give financial watchdog power to freeze crypto accounts
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Turkey is reportedly taking a deeper dive into cryptocurrencies with proposed regulations that will enable it to exercise oversight on cryptocurrency traders and related entities. The proposed reforms, according to sources who spoke to Bloomberg, would extend Masak’s anti-money laundering (AML) jurisdiction to include both crypto and fiat accounts. The measures are intended to align with those developed by the Financial Action Task Force (FATF), an international body that creates standards addressing money laundering and the financing of terrorism. The FATF, an intergovernmental watchdog of which Turkey is a member, removed Ankara from its “grey list” of countries subject to increased monitoring in June 2024, following progress on its mechanisms for combating money laundering and terrorist financing. The bill is expected to be presented to the Grand National Assembly, although no specific timeline has been disclosed. On approval, Masak will have the authority to freeze or close accounts suspected of illicit use across payment systems, electronic money institutions, banks, and cryptocurrency exchanges. It would also be able to impose transaction limits or blacklist crypto wallets linked to criminal activity. Turkey moves to clamp down on rented crypto accounts The main focus of the legislation is to curb the rise of so-called “rented accounts” — accounts that criminals pay individuals to use for activities such as illegal gambling or financial fraud. Masak is a major player in Turkey’s anti-money laundering efforts as it collects and analyzes suspicious transaction reports, refers cases to prosecutors, and serves as a liaison on international compliance issues. While trading and investment in digital assets remain legal in Turkey, and profits are not yet subject to taxation as of October, the government has been moving to tighten the rules surrounding cryptocurrencies. Reports indicate that the Finance Ministry is forming new rules that would require crypto exchanges to…
Filed under: News - @ September 29, 2025 11:28 pm