BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Turkey Grants Financial Watchdog Authority to Freeze Crypto Accounts in AML Overhaul
Turkey Grants Financial Watchdog Authority to Freeze Crypto Accounts in AML Overhaul
18
1
BTCCSquare news:
Turkey's financial regulator, Masak, is set to gain sweeping powers to freeze or shutter cryptocurrency accounts under proposed reforms aimed at combating money laundering. The measures align with FATF standards, marking a strategic shift following Turkey's removal from the watchdog's grey list in June 2024.
The legislation specifically targets 'rented accounts'—a growing conduit for illicit activities like financial fraud. Masak will now wield jurisdiction over both fiat and crypto transactions, with authority to impose blacklists and transaction limits across banks, payment processors, and digital asset exchanges.
By:
