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Türkiye is preparing new legislation covering crypto assets

Turkey is preparing new legislation that covers cryptocurrency assets in order to convince international crime regulators to remove it from the "gray list" of countries that have not taken sufficient action to prevent money laundering and terrorism financing. The Financial Action Task Force (FATF) downgraded Turkey to the so-called gray list in 2021. Finance Minister Mehmet Simsek said in a speech to a parliamentary committee on Tuesday evening that an FATF report found that Turkey fully complies with the regulatory body's 40 standards, with the only remaining issue within the scope of technical compliance being related to cryptocurrency assets. We will soon submit a legal proposal on cryptocurrency assets to the parliament. Afterwards, if there are no other political considerations, Turkey will have no reason to remain on the gray list. Simsek has not yet revealed further details of the planned legal changes. The FATF warned Turkey of "serious deficiencies," including the need to improve measures for freezing assets related to terrorism and the proliferation of weapons of mass destruction in 2019.

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