Simply put
- Turkey is reportedly drafting a law to grant financial information units, and Masak expanded to freeze bank and crypto accounts related to alleged criminal conduct.
- The bill is said to allow Watchdog to shut down accounts, restrict transactions, and allow blacklisted crypto wallet addresses across banks, payment companies and exchanges.
- Experts warned that the measures could increase compliance costs for crypto platforms and lead users to decentralized alternatives, but warned that transparent implementation could increase agency adoption.
Turkish lawmakers are reportedly planning to consider legislation that allows the country’s financial crime watchdog to clean up new authority to freeze banks and crypto accounts suspected of illegal activity.
The draft bill could take direct action to Masak, the Turkish financial intelligence unit, against accounts suspected of criminal use across financial institutions; Cryptocurrency According to a, the platform Bloomberg Reports cited people who are familiar with this issue.
Under the proposed framework, Masak will acquire the ability to close accounts with financial institutions and crypto services, cap transaction amounts, freeze mobile banking access, and add crypto. wallet Address to blacklist when suspected of criminal activity; Bloomberg It’s attracting attention.
Sources say the bill, which is expected as part of the 11th Judicial Package when Congress is re-membered, is primarily targeting “rental accounts.”
The move comes after the Financial Action Task Force removed Turkey from the “Greylist” in June 2024. Tweet “We did that,” following years of concern that sectors like banks and real estate have left sectors vulnerable to illegal funding.
Gokei Actasin, the market head of Türkiye-based Crypto Exchange Cointo, is Decryption The goal may be to curb fraud related to gambling money. “People are looking for ways to get out of economics issues,” he explained. Aktasin added that it is “much larger than a few internet casinos.”
said Nic Puckrin, Crypto analyst and co-founder of Coin Bureau Decryption The “this proposal is a move from my brother to a thinly covered brother as compliance.”
“It’s doubtful enough to have such authority through a bank account, but it’s even more opposed to the whole idea of crypto that cherishes self-duty and resistance to censorship,” Paxlin said.
The proposed regulations are subject to revision throughout the legislative process and may be amended prior to final approval, the report said.
“From a user’s perspective, uncertainty about freeze thresholds and lack of legal clarity could drive more activity to distributed or offshore platforms.” Decryption. “But paradoxically, institutional benefits can increase if the framework is implemented transparently and predictably.”
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