Minister of Treasury and Finance Mehmet Şimşek is preparing to enter an important period in Turkey’s financial arena. He announced that new legal regulations for cryptocurrencies will be implemented in January as a fundamental part of the country’s strategy to combat financial crimes. This step aims to increase the security and transparency of Turkey’s financial system.
Legal regulation for cryptocurrencies is on the way
According to NTV’s report, Minister of Treasury and Finance Mehmet Şimşek stated that regulations regarding cryptocurrencies could be implemented within the next month. According to the report shared by the Financial Action Task Force (FATF), Turkey once again demonstrated its determination to comply with international standards by emphasizing that it is in compliance with 39 of the 40 FATF standards.
Minister Şimşek stated in his statement that regulatory efforts regarding crypto assets are only the beginning. In addition to the legal regulation to be implemented in January, he emphasized the need for effective practices to get the country out of the gray list. At this point, he drew attention to the importance of the developments that Turkey shared with the FATF.
Cryptocurrencies and international compliance
Minister Şimşek stated in his previous statements that crypto assets are among his main priorities in the fight against financial crimes. According to the report shared by the Financial Action Task Force, Turkey is progressing in compliance with 39 of the 40 FATF standards. This alignment strengthens the country’s effectiveness in combating financial crimes at the international level. Minister Şimşek said:
There was only one thing left. Hopefully we will bring it in January. Legal regulation regarding crypto assets, but this is not enough. Additionally, activity in the app is required to exit the greylist. We have come a long way in terms of effectiveness in practice and shared these with FATF. Of course, this is a decision, it may not be possible if even one country objects, but I believe that Turkey’s progress will be appreciated eventually. Hopefully next year, Türkiye will be removed from the gray list.
What does this step mean?
This important step, led by the Minister of Treasury and Finance Mehmet Şimşek, is a reflection of Turkey’s effort to bring a strong and effective regulation towards cryptocurrencies in the financial world. The legal regulation, which will be implemented in January, will not only correct the country’s current situation regarding crypto assets, but it also seems to attract attention in the global financial community. This step is expected to be an important milestone towards increasing Turkey’s financial reliability in the international arena.
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