Turkey’s New Crypto Legislation: Can BTC and ETH Help Propel an Exit from FATF’s Grey List?

• The proposed Turkey crypto regulation aims to limit illicit digital asset activities and money laundering in a bid to upgrade its position in FATF where it currently stands in the grey list.
• The country has introduced a new bill focused on crypto asset regulation.
• Highlighting the need for tighter regulation, the draft law emphasizes comprehensive requirements for platform management and operational standards.

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New Turkey Crypto Bill Components

The proposed crypto regulation, presented by the AK Party, stipulates that cryptocurrency trading platforms and related companies must obtain licenses from Turkey’s Capital Markets Board. This move aims to upgrade Turkey’s standing with the Financial Action Task Force (FATF), a global financial watchdog.

FATF Meets Turkish Officials

According to the draft, the Capital Markets Board will be empowered to create secondary regulations and establish procedural guidelines for crypto asset service providers and transactions. This includes oversight of compliance with the new standards and enforcement actions against non-compliant entities.

Conclusion

This legislative push reflects Turkey’s commitment to enhancing its financial infrastructure and combating financial crimes, aiming for a better standing on the international financial stage.