Turkey will recognize cryptocurrencies. Turkish Treasury and Finance Minister Mehmet Şimşek stated that they will create a legal framework for crypto assets and submit it to the Turkish Grand National Assembly in a short time in order to prevent Turkey from being kept on the gray list by the Financial Action Task Force (FATF).
FATF, as an organization that evaluates how far the world economies have come in the fight against financial crimes, saw that Turkey was insufficient in the fight against money laundering and the financing of terrorism, and therefore listed Turkey on the so-called “grey list” in 2021.
Şimşek, in the question-answer section following the discussions on the ministry budget at the Grand National Assembly of Turkey Planning and Budget Commission yesterday, said, “The report presented by FATF shows that our country completely fulfills 39 of the 40 FATF standards. “The only point where the technical harmonization process is still ongoing is the regulations regarding crypto assets.” he said and added:
“We are determined to do everything we can. At a meeting held within the FATF on October 27, it was emphasized that the last step of the action plan required for our country to get out of the gray list is the legal regulation only regarding crypto assets. Hopefully, we will submit this regulation to our Parliament as soon as possible. “As long as there are no political obstacles, there will be no reason for Turkey to remain on the gray list.”
FATF warned Turkey in 2019 due to “serious deficiencies” and stated that measures to combat terrorism and prevent the spread of weapons of mass destruction should be improved. Following this warning, Turkey was included in the gray list in 2021.
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