In brief
- Turkey is reportedly drafting legislation to grant its financial intelligence unit Masak expanded powers to freeze bank and crypto accounts linked to suspected criminal activity.
- The bill would allegedly allow the watchdog to shut down accounts, limit transactions, and blacklist crypto wallet addresses across banks, payment firms, and exchanges.
- Experts warned the measures could increase compliance costs for crypto platforms and drive users toward decentralized alternatives, though institutional adoption may grow if implemented transparently.
Turkish lawmakers are reportedly planning to consider legislation that would grant the country’s financial crimes watchdog sweeping new authority to freeze bank and crypto accounts suspected of illegal activity.
The draft bill would empower Masak, Turkey’s financial intelligence unit, to take direct action against accounts suspected of criminal use across financial institutions and cryptocurrency platforms, according to a Bloomberg report citing people familiar with the matter.
Under the proposed framework, Masak would gain the ability
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Author: Vismaya V
