Turkey's announcement to tighten the law on crypto-assets

Finance Minister to present draft law on crypto-assets in Parliament soon

crypto-assets

Turkey has announced to tighten the law on crypto-assets.


The Financial Action Task Force (FATF) added Turkey to the gray list in 2021 for not taking the required measures to prevent money laundering, in view of which the Turkish government has announced stricter legislation on crypto-assets.



According to reports, the Turkish government is preparing new legislation covering crypto-assets in order to persuade the FATF to remove it from the gray list.


Speaking to a parliamentary commission, Turkish Finance Minister Mehmet Simsik said the FATF report found that Turkey met all but one of the watchdog's 40 conditions, a remaining issue. There is legislation related to cryptocurrency.


The Turkish Finance Minister said that we will submit the draft law on crypto-assets to the parliament as soon as possible, after which there will be no reason for Turkey to remain on the gray list if there are no other political considerations.


However, the finance minister did not give further details of the legal changes.


The FATF warned Turkey of serious shortcomings, including the need to improve measures to freeze assets linked to terrorism and weapons of mass destruction in 2019.