The Turkish Finance Minister has introduced a draft law for the regulation of cryptocurrencies, aiming to bring “legal certainty” and impose “strict requirements.” This move comes after Turkey was placed on the gray list by the Financial Action Task Force (FATF) for not being vigilant enough against money laundering. Turkey’s Finance Minister claims that they have almost met all of the FATF standards, except for compliance regarding crypto assets. To address this, they plan to swiftly introduce a draft law on crypto assets to parliament. However, the specifics of the regulations remain classified. The annual presidential program for 2024 mentions planned studies to define crypto assets and the promise of proper taxation. The document, however, lacks clarity on the forthcoming regulations. Turkey is likely to be required to follow the usual routine, including the “Travel Rule” imposed by the FATF. Despite the regulatory uncertainty, the crypto industry in Turkey is thriving, possibly due to the high inflation of the Turkish lira. However, companies in the crypto space are caught in a state of limbo, unsure of how to navigate the regulatory landscape. The government’s previous ban on crypto as a means of payment has added to the confusion. President Erdogan’s previous stance on Bitcoin suggests that the upcoming regulations will not be favorable for the crypto industry. Turkey is now poised to bring order to the chaotic world of cryptocurrencies, and the outcome remains to be seen.

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Information	Details
Geography	Middle East
Countries	🇹🇷
Sentiment	neutral
Relevance Score	1
People	Faruk Fatih Özer, Mehmet Simsek
Companies	Thodex, Financial Action Task Force (FATF)
Currencies	None
Securities	None