Overview
- Bloomberg-based reports say the draft would let MASAK freeze accounts, blacklist wallet addresses, cap transactions, and restrict mobile or internet banking when illicit use is suspected.
- The authority would extend across banks, payment systems, cryptocurrency exchanges, and electronic money institutions, with stricter KYC and transaction-source reporting and potential limits on some stablecoin transfers.
- Officials and reporting indicate the proposal targets the misuse of “rented accounts” tied to illegal betting, fraud, and related schemes.
- Finance Minister Mehmet Simsek has publicly confirmed plans for enhanced MASAK powers to combat money laundering linked to illegal gambling and fraud.
- The package is framed as aligning with FATF standards and remains subject to parliamentary debate and possible revisions, with analysts cautioning the rules could push users to offshore or decentralized platforms.