Turkey Aims to Leave FATF Grey List with Proposed Crypto Asset Legislation

Watch Icon
News
Turkey Aims to Leave FATF Grey List with Proposed Crypto Asset Legislation
Source: Adobe / Husamex

Turkey is taking steps to toughen its crypto regulations in an effort to convince the Financial Action Task Force (FATF), an international financial crime watchdog, to remove it from the “grey list” of countries that have not done enough to combat money laundering and terrorist financing.

In a recent address to a parliamentary commission, Turkish Finance Minister Mehmet Simsek said that a new FATF report had found Turkey to be fully compliant with 39 out of the 40 standards set by the watchdog, with the only remaining concern being related to crypto assets, Reuters reported on Wednesday.

To address this issue, Simsek announced that Turkey would be submitting a proposal for new legislation pertaining to crypto-assets to the parliament in the near future.

He mentioned that once this legislation is in place, there would be no reason for Turkey to remain on the grey list, provided there are no other political considerations.

The exact details of the proposed legal changes were not provided in the statement.

The FATF had previously cautioned Turkey about “serious shortcomings,” including the need to enhance measures to freeze assets connected to terrorism and the proliferation of weapons of mass destruction in 2019.

The agency added Turkey to its grey list in 2021.

The Financial Action Task Force was founded in 1989 by the G7 nations and works to develop policies to prevent money laundering and terrorist financing around the world.

Ongoing work to regulate crypto in Turkey

Turkey has recently taken several steps to bring crypto under the control of regulators in the country.

Just last month, news broke that Turkey’s Presidential Annual Program for 2024 included plans to establish a regulatory framework for crypto assets, including plans to tax these assets, starting 2024.

Turkey saw an inflow of crypto investors in August as the country has been struggling with soaring inflation.

According to a survey by crypto exchange KuCoin from earlier this year, over half of the Turkish population has turned to cryptos as a safeguard against inflation.

The post Turkey Aims to Leave FATF Grey List with Proposed Crypto Asset Legislation appeared first on Cryptonews.

 
More News

Whitney Webb: Bitcoin And The Plot To Dest...

Watch Icon
Last updated

This article is featured in Bitcoin Magazine’s “The Withdrawal Issue”. Click here to subscribe now. A PDF pamphlet of this article is available for download.  Late last month, a bipartisan group of U.S. Senators introduced the Financial Technology Protection Act, which would “create a working group tasked with studying how terrorists or other criminals might […]

Crypto Bros Are Falling For Romance Scams ...

Watch Icon
Last updated

Romance scams were a brutal driver of illicit crypto activity last year, according to blockchain investigators at Chainalysis. The blockchain intelligence platform’s 2024 Crypto Crime Report states that so-called “pig butchering scams” nearly doubled their revenue in 2023 compared to 2022, and have already multiplied by 85X since 2020. The Size Of Crypto Romance Scams The post Crypto Bros Are Falling For Romance Scams At A Record Rate: Chainalysis appeared first on Cryptonews.

Nexo Exchange Rolls Out Simplified Futures...

Watch Icon
Last updated

Nexo exchange has launched a user-friendly Futures trading service that aims to educate and empower crypto enthusiasts who are new to derivatives trading. The service offers a seamless and cost-effective trading experience with perpetual contracts, settlement in USDT, and up to 50x leverage. To ensure that users are well prepared for Futures trading, Nexo provides interactive stories and quizzes that test their knowledge and skills. Nexo's Futures trading service is a unique and innovative way to introduce newcomers to the lucrative and exciting world of crypto derivatives.

Back to Top