- This development comes after the FATF report determined that Türkiye has fully complied with 39 out of the 40 standards it set.
- Türkiye embarked on a journey to ensure compliance with FATF standards, and Şimşek emphasized that the focus is still on regulating crypto assets.
- The Ministry of Finance’s recent announcement includes plans to work on crypto asset service providers, taxation, and the classification of virtual assets.
Türkiye Accelerates Crypto Regulations to Get Off FATF’s Gray List: Statement from Minister Mehmet Şimşek!
Türkiye Aims to Get Off FATF’s Gray List
Türkiye is taking a determined step to change crypto regulations to get removed from the “gray list” of the Financial Action Task Force (FATF), an international financial watchdog. This development comes after the FATF report determined that Türkiye has fully complied with 39 out of the 40 standards it set, with crypto assets being the only area of concern.
Moreover, according to a report, Minister of Treasury and Finance Mehmet Şimşek recently announced plans to present a new bill to the Turkish parliament, which would include regulations covering crypto assets. Türkiye has been on FATF’s “gray list” since 2021 due to concerns about money laundering and terrorist financing. This designation has affected the country’s reputation and economic outlook.
In response, Türkiye began its journey to ensure compliance with FATF standards, and Şimşek emphasized that the focus is still on regulating crypto assets. In particular, he noted that Türkiye complies with 39 out of the 40 FATF standards. The missing piece of the puzzle is crypto assets, which have not been fully addressed by the existing legal framework.
Meanwhile, Turkish authorities are working to develop a better approach to crypto regulations. The Ministry of Finance’s recent announcement includes plans to work on crypto asset service providers, taxation, and the classification of virtual assets. However, the decisive step taken now involves the preparation and presentation of a bill targeting crypto assets to the parliament.
Focus on Enhancing Global Reputation
Şimşek’s statement highlights how seriously Türkiye is taking this matter. Once the bill is presented to and approved by the parliament, Türkiye is expected to no longer have a technical compliance issue. This will be a significant step in Türkiye’s crypto policy and can help restore confidence in the Turkish economy by removing the “gray list” status.
Particularly, FATF, established by the G7 group of advanced economies, aims to protect the global financial system against money laundering and terrorist financing. A successful transition from the “gray list” to compliance will help Türkiye regain confidence in international financial circles and have a positive impact on the crypto landscape in the country.
