Turkey Plans Law Allowing Watchdog to Freeze Crypto Accounts in AML Push
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Turkey is preparing legislation that would give its financial crime watchdog, Masak, sweeping new powers to freeze cryptocurrency accounts as part of a broader crackdown on money laundering and financial crime.
The initiative underscores growing concern among regulators over the use of digital assets in illicit activity.
According to a report from Bloomberg, citing sources familiar with the matter, the proposal would expand Masak’s existing Anti-Money Laundering (AML) mandate beyond the traditional banking system to include cryptocurrency platforms. The new rules would allow the agency to freeze both digital and fiat accounts suspected of criminal use.
The measures are expected to mirror recommendations from the Financial Action Task Force (FATF), the global body that sets standards for countering money laundering and terrorist financing. Aligning with FATF guidelines has been a priority for Ankara as it works to strengthen oversight of emerging financial technologies.
If enacted, Masak would have the authority to suspend accounts, impose transaction limits, or blacklist wallets linked to suspicious activity. The powers would extend across payment systems, e-money providers, banks, and crypto exchanges operating in Turkey.
The draft legislation is set to be introduced in the Grand National Assembly, though lawmakers have not yet provided a timeline for debate or approval.
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