According to Bloomberg, Türkiye plans to significantly expand the powers of the Financial Crimes Investigation Board (MASAK) as part of its fight against money laundering and illegal financial activities.
Türkiye Prepares to Expand MASAK’s Powers: New Regulations for Bank and Crypto Accounts
The new regulations will give MASAK the authority to freeze both bank and cryptocurrency accounts, impose transaction limits in certain circumstances, and blacklist crypto addresses linked to illegal activities.
The planned steps are reportedly aimed at combating the recent rise of “rental account” practices. These accounts are often used for illegal betting and fraudulent activities. The new regulations aim to reduce the impact of these accounts on the financial system and protect users.
It is emphasized that these steps Türkiye will take will be consistent with the principles of the Financial Action Task Force (FATF), which sets global standards for combating international financial crimes. In doing so, Türkiye aims to both increase financial transparency and strengthen its credibility in the international arena.
The regulation in question will be submitted to the Turkish Grand National Assembly as part of the 11th Judicial Reform Package. If adopted, the package is expected to further enhance MASAK’s oversight and inspection capacity.
This move is considered one of the strongest indicators that Türkiye is moving towards a stricter approach to regulation, especially in crypto markets.
*This is not investment advice.