The Turkish government has been reportedly preparing the law that will give the financial crime guard, the authority to freeze cryptocurrency accounts as part of a broader effort to combat money and financial crime laundering-a step-by-step potential featuring the ongoing concerns of Crypto-related regulators regulators.
According to a report’s Bloomberg.
Steps are said to be aligned with recommendations from Financial Action Task Force (FATF)which is an intergovernmental body that sets the global standard for fighting the money laundering and terrorist financing.
The bill was expected to be introduced to the Grand National Assembly, even though no timetable was given, according to Bloomberg.
If passed, Kabat is empowered to freeze or closing accounts suspected of not prohibited use of payment systems, electronic currency institutions, banks and cryptocurrency exchanges. It will also be able to impose transaction limits or crypto wallets that are linked to criminal activity.
A major focus of the law is to hinder the increase of so-called “rented accounts” -Crominals that criminals pay individuals to be used for activities such as illegal gambling or financial fraud.
Although cryptocurrency trading and investment remains legal in Turkey, and Revenues are not yet subject to taxation In October, the government was moving to tighten the supervision.
Number Cointelegraph reportedThe Ministry of Finance is preparing new policies that will require crypto exchanges to collect detailed information on the source and purpose of the transactions, as well as introduce the limits to StableCoin transfers.
In July, the Capital Markets Board (CMB), one of the major Turkey financial regulators, announced it has blocked access to some platforms Offer “unauthorized” digital assets, including pancakeswap, a popular decentralized exchange.
Related: Crypto payments abroad may be legal despite domestic restrictions in many countries
The adoption of Turkish crypto with increasing
Cryptocurrency adoption in Turkey continues to climb, supported by the growth of centralized retail platforms and the increase in the presence of institutional crypto services in the country, according to the latest Chainalysis Global Crypto Adoption Index, released in September.
One of the biggest drivers of adoption, however, is the sharp reduction of Turkish lira, which has been in a steady decline since 2018 amid a long -term financial and economic crisis marked with high inflation, rising borrowing costs and default loans.
As the value of the lira exploded, many citizens turned to the dollar stablecoins and bitcoin (Btc) as alternative value stores.
To illustrate the size of the LIRA collapse: in 2020, a Bitcoin costs nearly 100,000 Turkish lira. Today, that figure exceeds the 4.6 million lyra, reflecting both Bitcoin’s price appreciation and the steep losses of LIRA.
Related: Singapore, UAE are the ‘most crypto-obsessed’ countries: Report
