Turkey plans to tighten its rules on crypto

According to Reutersthe Turkey plans to harden sa regulations around crypto-currencies while the country tries to go to from the grey list from FATF.

This Wednesday, the Reuters reported that the Turkey planned to set up a new cryptocurrency law with the aim of convincing the Financial Action Task Force to remove it from its grey list.

The FATF grey list includes countries subject to enhanced scrutiny that are actively working with the intergovernmental body to address strategic deficiencies in their AML/CFT regimes.

According to the Turkish Finance Minister, the FATF concluded in its latest report that Turkey was fully compliant with the watchdog’s standards, with one exception.

The only remaining issue in technical compliance is crypto-asset work […] We will submit a draft law to Parliament as soon as possible. […] After that, there will be no reason for Turkey to remain on this grey list”, said Mehmet Simsek, without giving any further details on the future regulations.

At the end of October, the FATF published a report stating that Turkey was committed to working with the body to strengthen the effectiveness of its AML/CFT regime. “Turkey should continue to work on the implementation of its action plan to address its latest strategic gap, including confiscating assets linked to terrorist financing […] The FATF notes that Turkey continues to make progress on its action plan; however, all deadlines have now expired,” the Financial Action Task Force had written.

Read:  Polygon 0VIX-based protocol under attack

According to Chainalysis’ latest Global Cryptocurrency Adoption Index, Turkey ranks 12th worldwide.

For the latest Crypto and Web3 news, visit Coins.fr on TwitterLinkedin, Google News, Facebook and Telegram

The Best Online Bookmakers December 04 2023

BetMGM Casino