Turkish Government Moves to Give Masak Authority Over Crypto Accounts

Turkey's financial crime watchdog, Masak, is poised to gain expanded powers to freeze cryptocurrency accounts under proposed legislation aimed at combating money laundering and financial crime. The bill aligns with global anti-money laundering standards set by the Financial Action Task Force (FATF).

The new measures target illicit activities facilitated through 'rented accounts,' where criminals pay individuals to use their accounts for fraud or gambling. If passed, Masak's authority would extend beyond traditional banks to include crypto exchanges, electronic money institutions, and payment systems.

This regulatory push reflects growing scrutiny of digital assets in Turkey as authorities seek to curb financial crimes. The MOVE comes amid broader global efforts to bring cryptocurrency transactions under stricter oversight frameworks.