Turkey plans to shed FATF’s ‘grey list’ status with new crypto regulations
Turkey is reportedly preparing new rules for managing crypto assets in a bid to convince the Financial Action Task Force (FATF) – the international organization responsible for combating financial crimes – to remove it from the “grey list” of nations that have not done enough. Combating money laundering and terrorist financing.
The FTF has placed Turkey on the gray list by 2021. According to the report, in a meeting with a parliamentary commission on October 31, Turkish Finance Minister Mehmet Simsek determined that Turkey would comply with all but one of the 40 steps set out in the FTF report. By the guard.
According to SimSec, the only outstanding issue for technical compliance is related to crypto assets. He mentioned plans to submit a crypto-assets bill to parliament to get off the gray list, but did not specify legal changes.
The Group of Seven, or G7, advanced economies formed the FATF to protect the global financial system. In the year In 2019, she warned Turkey of significant shortcomings in the process of freezing assets linked to terrorism and the proliferation of weapons of mass destruction.
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The Turkish Presidential Annual Program for 2024, published in the Official Gazette of the Republic of Turkey on October 25, sets the goal of finalizing cryptocurrency regulations in the country by the end of 2024. In the overall 500-page document, Article 400.5 proposed efforts to develop clear definitions for crypto-assets that may be prescribed for taxation in the future.
The document intends to legally define providers of crypto assets such as cryptocurrency exchanges. However, it does not provide more details on the future regulatory framework. In the year In December 2022, the Central Bank of the Republic of Turkey successfully conducted the first test of the digital lira, the central bank's digital currency. In the year He expressed his desire to pursue further trials in 2024.
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