According to reports from NTV, the Turkish Grand National Assembly is set to receive a bill defining cryptocurrencies today.
AK Party Group Chairman Abdullah Güler will reportedly unveil details regarding the “Proposal Law on Amendments to the Capital Markets Law” at a press conference scheduled for 15:30 in the Turkish Grand National Assembly.
The news suggests that this proposal will introduce a legal framework for crypto assets, marking the first official regulation of such transactions in Turkey.
Minister of Treasury and Finance Mehmet Şimşek has previously emphasized the significance of this bill, stating that it will establish the legal definition of cryptocurrency assets for the first time.
The enactment of this proposal holds particular importance for Turkey’s status with the FATF gray list. In 2021, Turkey was placed on this list due to deficiencies in combating money laundering and terrorism financing. While Turkey currently complies with 39 of the 40 FATF standards, the regulation of cryptocurrencies aims to address the remaining deficiency.
Minister Şimşek reiterated the government’s commitment to combating financial crimes, noting Turkey’s progress in technical compliance with FATF standards. He emphasized ongoing efforts to finalize regulations on cryptocurrencies as part of Turkey’s strategy to improve its standing and ultimately be removed from the gray list.
May 2024, Cryptoniteuae
