Main to remember
- Turkey is expanding the powers of its Inquiry Compt Crimes (Masak) to combat illegal cryptography activities, including illegal game.
- Masak could gain the power to restrict the operations of mobile and internet banking services suspected of having facilitated financial crimes linked to cryptocurrencies.
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According to Bloomberg, Turkey moves to strengthen its investigation into financial crimes (Masak) with widened powers to fight against illegal crypto activity. The proposed measures target the improper use of bank and cryptographic accounts in programs such as illegal game and fraud.
The proposed regulations would grant the Masak the power to impose restrictions on the operations of mobile banking and internet services suspected of facilitating financial crimes. The initiative is part of the 11th set of judicial reform of Turkey, which requires parliamentary approval to take effect.
Turkey has aligned its financial crime framework on international money laundering guidelines established by the Financial Action Working Group. The country has recently implemented stricter conformity protocols requiring crypto exchanges to disclose the details of the transaction and strengthen user identification requirements.
The enlarged application measures represent Turkey’s latest efforts to suppress fraud linked to crypto while providing its regulatory framework in accordance with global money -money laundering standards through digital assets.
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