- Since 2021, Turkey has been on the grey list of the FATF.
- According to Simsek, Turkey has met 39 out of 40 FATF standards.
Finance Minister Mehmet Simsek told Turkey’s planning and budget committee late Tuesday that the country is in the “final stage” of introducing crypto legislation to its parliament, the last step necessary for it to be removed off the Financial Action Task Force’s (FATF) “grey list.”
The “grey list” compiled by the FATF is meant to serve as a rebuke for countries with insufficient anti-money-laundering (AML) and anti-terrorist funding policies. Since 2021, Turkey has been on the “grey list” of the Paris-based global money laundering and terror financing watchdog, destroying trust in the Turkish economy, which was already under a dark cloud of rising inflation, making crypto extremely prevalent.
Introducing Legislation to Parliament
According to Simsek, Turkey has met “39 out of 40 FATF standards.” Until now, work on crypto assets is the sole continuing preparation for technological compliance. All of the work that was required to get here has been completed.
After announcing a study on regulating crypto asset service providers, taxing virtual assets, and defining virtual assets last week, Turkey’s finance ministry has now revealed that it plans to introduce crypto legislation to parliament as a means of satisfying FATF’s technical criteria for being dropped from the “grey list.”
Simsek stated that a bill proposing regulation of cryptocurrency assets would be presented to parliament as soon as feasible. Once that happens, unless there are additional political factors, there is no need for Turkey to remain on the grey list, Simsek added.
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