The post Turkey to Let Masak Freeze Crypto Accounts in AML Push: Report appeared on BitcoinEthereumNews.com. The Turkish government is reportedly preparing legislation that would grant its financial crime watchdog, Masak, the authority to freeze cryptocurrency accounts as part of a wider effort to combat money laundering and financial crime — a move that potentially highlights regulators’ ongoing concerns over crypto-related illicit activity. According to a report by Bloomberg, citing people familiar with the matter, the proposed changes would expand Masak’s Anti-Money Laundering (AML) mandate, enabling it to freeze both cryptocurrency and traditional bank accounts.  The measures are said to align with recommendations from the Financial Action Task Force (FATF), which is an intergovernmental body that sets global standards for combating money laundering and terrorist financing. The bill is expected to be introduced in the Grand National Assembly, though no timetable was provided, according to Bloomberg.  Source: Bloomberg If passed, Masak would be empowered to freeze or close accounts suspected of illicit use across payment systems, electronic money institutions, banks and cryptocurrency exchanges. It would also be able to impose transaction limits or blacklist crypto wallets linked to criminal activity. A key focus of the legislation is to curb the rise of so-called “rented accounts” — accounts that criminals pay individuals to use for activities such as illegal gambling or financial fraud. Although cryptocurrency trading and investment remain legal in Turkey, and profits are not yet subject to taxation as of October, the government has been moving to tighten oversight.  As Cointelegraph reported, the Finance Ministry is preparing new rules that would require crypto exchanges to collect detailed information on the source and purpose of transactions, as well as introduce limits on stablecoin transfers. In July, the Capital Markets Board (CMB), one of Turkey’s key financial regulators, announced it had blocked access to several platforms offering “unauthorized” digital asset services, including PancakeSwap, a popular decentralized exchange.… The post Turkey to Let Masak Freeze Crypto Accounts in AML Push: Report appeared on BitcoinEthereumNews.com. The Turkish government is reportedly preparing legislation that would grant its financial crime watchdog, Masak, the authority to freeze cryptocurrency accounts as part of a wider effort to combat money laundering and financial crime — a move that potentially highlights regulators’ ongoing concerns over crypto-related illicit activity. According to a report by Bloomberg, citing people familiar with the matter, the proposed changes would expand Masak’s Anti-Money Laundering (AML) mandate, enabling it to freeze both cryptocurrency and traditional bank accounts.  The measures are said to align with recommendations from the Financial Action Task Force (FATF), which is an intergovernmental body that sets global standards for combating money laundering and terrorist financing. The bill is expected to be introduced in the Grand National Assembly, though no timetable was provided, according to Bloomberg.  Source: Bloomberg If passed, Masak would be empowered to freeze or close accounts suspected of illicit use across payment systems, electronic money institutions, banks and cryptocurrency exchanges. It would also be able to impose transaction limits or blacklist crypto wallets linked to criminal activity. A key focus of the legislation is to curb the rise of so-called “rented accounts” — accounts that criminals pay individuals to use for activities such as illegal gambling or financial fraud. Although cryptocurrency trading and investment remain legal in Turkey, and profits are not yet subject to taxation as of October, the government has been moving to tighten oversight.  As Cointelegraph reported, the Finance Ministry is preparing new rules that would require crypto exchanges to collect detailed information on the source and purpose of transactions, as well as introduce limits on stablecoin transfers. In July, the Capital Markets Board (CMB), one of Turkey’s key financial regulators, announced it had blocked access to several platforms offering “unauthorized” digital asset services, including PancakeSwap, a popular decentralized exchange.…