Turkey is making a determined move to overhaul its cryptocurrency regulations in a bid to convince the Financial Action Task Force (FATF) to remove it from the ‘grey list.’ This development comes after a FATF report found Turkey to be fully compliant with 39 of the 40 standards set by the international financial watchdog. Notably, the single area of concern is crypto-assets.
Meanwhile, according to Reuter’s report, Finance Minister Mehmet Simsek announced plans to submit a new law proposal covering crypto-assets to the Turkish parliament shortly.
Turkish Crypto Legislation Seeks A Path Out of the Grey List
Turkey has been on the FATF’s ‘grey list’ since 2021 due to issues concerning money laundering and terrorist financing. This designation has impacted the country’s reputation and economic prospects.
In response, Turkey has embarked on a journey to ensure compliance with FATF standards, with Simsek highlighting that the primary focus remains crypto-assets legislation.
Notably, he stated that Turkey had met 39 out of the 40 FATF standards. The final piece of the puzzle lies in the realm of crypto-assets, which are yet to be fully addressed by the current legislative framework.
Turkish authorities have been working tirelessly to refine their approach to cryptocurrency regulation. A recent announcement from the finance ministry indicated plans to conduct studies related to crypto asset service providers, taxation, and the classification of virtual assets. However, the decisive move now is to draft a law specifically targeting crypto-assets and present it to the parliament for approval.
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