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Turkey is taking steps to ensure that it exits the Financial Action Task Force’s (FATF) ‘grey list’ with a new proposed legislation – with cryptocurrency being one of the items under review.
The country recently submitted a proposed legislation to the FATF, which is responsible for setting global standards for anti-money laundering and countering the financing of terrorism (CFT).
In the proposal, it is mentioned that many gaps exist in Turkey’s existing legal framework to prevent any money laundering or terrorist financing activities. As a result, the country is now trying to introduce new legislation to address these problems.
One of the items that the proposed legislation covers is the use of crypto assets and digital technologies to facilitate money laundering and terrorist financing activities. The proposals suggest that new regulations be put in place so that businesses will be required to implement adequate compliance controls to ensure that their activities do not contribute to the aforementioned activities.
Turkey is also seeking to create an enforcement arm as part of its new legislation, which would be responsible for ensuring that the new regulations are followed and to investigate any suspected violations.
If the proposed legislation is adopted, Turkey could finally exit the FATF’s grey list and have the international standards and legal framework it needs to prevent and detect criminal activities related to crypto assets. This could also create a more favorable environment for further innovation and adoption of cryptocurrencies and blockchain technology in Turkey.