Turkey is working on creating new laws regarding cryptocurrencies to convince an international organization focused on preventing financial crimes to remove it from a list of countries with insufficient measures to combat money laundering and terrorism financing.
The Financial Action Task Force (FATF) lowered Turkey’s status to a “grey list” in 2021. Mehmet Simsek, the country’s Finance Minister, stated during a parliamentary commission meeting that Turkey complied with most of the FATF’s 40 standards, except for one area, which is related to cryptocurrency regulation.
Simsek said, “The only remaining issue within the scope of technical compliance is the work related to crypto assets.”
Once this law is in place, Turkey should no longer have a reason to remain on the grey list, assuming there are no other political factors at play.
The FATF, established by the G7 group of advanced economies to safeguard the global financial system, had previously warned Turkey about significant issues, such as the need to enhance measures for freezing assets associated with terrorism and the proliferation of weapons of mass destruction in 2019.