Turkey is working on crypto regulations to meet FATF standards and exit the ‘grey list.’ Find out how these regulations aim to address compliance matters, especially in the realm of crypto assets.
Turkey is taking significant steps to improve its compliance with the Financial Action Task Force (FATF) and remove itself from the ‘grey list.’ According to Finance Minister Mehmet Simsek, the FATF found Turkey in line with 39 out of the 40 standards it sets. The only remaining issue is related to crypto assets.
To address this concern, Turkey is in the process of drafting new regulations specifically targeting crypto assets. While the details of these regulations remain undisclosed, the government is committed to presenting a crypto assets law to parliament. This move reflects Turkey’s determination to address money laundering and terrorist financing concerns related to cryptocurrencies.
The FATF, established by the Group of Seven (G7) advanced economies, plays a crucial role in safeguarding the global financial system. In 2019, the FATF highlighted deficiencies in Turkey’s asset freezing procedures regarding terrorism and weapons of mass destruction.
Turkey’s Presidential Annual Program for 2024 outlines the goal of finalizing cryptocurrency regulations by the end of 2024. This program includes efforts to establish clear definitions for crypto assets and potentially subject them to taxation in the future.