Turkey is taking steps to regulate crypto-assets in order to be removed from the Financial Action Task Force’s (FATF) “gray list” of countries that have not done enough to combat money laundering and terrorist financing. The FATF placed Turkey on this list in 2021, citing deficiencies in their procedures for freezing assets associated with terrorism and weapons proliferation. Turkish Finance Minister Mehmet Simsek stated that the only outstanding issue for compliance is related to crypto assets. To address this, Turkey plans to propose a crypto-assets law to parliament. The objective is to complete cryptocurrency regulations in the country by the end of 2024. The regulations aim to establish clear definitions for crypto assets and potentially subject them to taxation in the future. The document also intends to legally define crypto asset providers like cryptocurrency exchanges. The Central Bank of the Republic of Turkey has already conducted a successful trial of its digital currency, the digital lira, and plans to continue testing into 2024.

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Information	Details
Geography	Middle East
Countries	🇹🇷
Sentiment	neutral
Relevance Score	1
People	Mehmet Simsek
Companies	Turkish Finance Minister Mehmet Simsek, Central Bank of the Republic of Turkey, Financial Action Task Force (FATF), G7
Currencies	None
Securities	None