According to CoinDesk: Turkey is reportedly on the brink of presenting crypto legislation to its parliament, marking a significant step towards removing itself from the Financial Action Task Force’s (FATF) 'grey list,' according to remarks by the finance minister Mehmet Şimşek.
The FATF's 'grey list' is primarily a signal to countries to address strategic deficiencies in their measures to counter money laundering and terrorist financing. Turkey has been on the 'grey list' of the Paris-based global money laundering and terror financing watchdog since 2021, which has contributed to a lack of confidence in the Turkish economy. High inflation rates in the country have bolstered the appeal of cryptocurrencies, with some viewing the digital assets as a potential 'saviour.'
According to CoinDesk Turkey, Şimşek stated that Turkey has met 39 out of the 40 of FATF's standards. The remaining preparation works relate to crypto assets. He signaled that efforts on this front "have reached the final stage."
Just last week, Turkey's finance ministry unveiled plans to conduct a study on how to regulate crypto service providers, and define and tax virtual assets. However, the latest updates indicate a more immediate intention to introduce crypto legislation to parliament, aligning with FATF's technical requirements and aiming to escape from the 'grey list.'
"We will submit a law proposal on crypto-assets to the parliament as soon as possible," Şimşek said, according to CoinDesk Turkey. "After that, there will be no reason for Turkey to stay in that grey list, if there are no other political considerations.”
