Turkey is taking steps to strengthen its regulation of cryptocurrencies in order to combat money laundering and terrorism financing. The country’s finance minister, Mehmet Simsek, announced that new legislation is being prepared to provide clear regulation for crypto-assets. This move is aimed at improving Turkey’s standing in terms of money laundering and terrorist financing, with the goal of being removed from the Financial Action Task Force’s (FATF) “grey list” of countries with insufficient anti-money laundering measures. Simsek stated that the ministry will submit a proposal for a crypto asset law to parliament, which, if approved, would help Turkey achieve full compliance with FATF’s standards. The details of the expected regulatory step were not disclosed. Turkey’s efforts to align with FATF requirements are part of a broader global trend towards regulating cryptocurrencies, as seen with the enactment of laws such as the EU’s Markets in CryptoAsset (MiCA) law and the UK’s Financial Services and Markets Act (FSMA). These comprehensive legislations aim to bring more clarity to crypto regulation, including the regulation of stablecoins.

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Information	Details
Geography	Middle East
Countries	🇹🇷
Sentiment	neutral
Relevance Score	1
People	Mehmet Simsek
Companies	EU, Markets in CryptoAsset (MiCA), Financial Action Task Force (FATF), UK, Financial Services and Markets Act (FSMA)
Currencies	None
Securities	None