Mehmet Şimşek Sets a Date for Turkey's Crypto Regulation! 👀🇹🇷

In the dynamic landscape of cryptocurrency, Turkey is making headlines with its forward-thinking approach to regulation, signaling a new era for the nation's crypto ecosystem.

A Commitment to Compliance:

Turkey's commitment to regulatory compliance is evident as it aligns with 39 out of 40 FATF standards. Finance and Treasury Minister Mehmet Şimşek is driving the nation towards full compliance through legal measures, aiming to achieve this milestone by January.

Progress Towards Grey List Removal:

The emphasis on active participation is set to be removed from the FATF grey list, with Turkey anticipating its removal in the coming year. Progress shared with FATF suggests positive developments that may soon see Turkey exiting the grey list.

Responding to Market Dynamics:

Dr. Cüneyt Dirican observes increased expectations for crypto asset regulation amid a declining trend in exchange rates and the growing prominence of the crypto market. The anticipated introduction of a new bill aims to bring heightened oversight to Turkey's crypto market.

Curbing Illicit Activities:

Proposed taxation on crypto transactions above a certain threshold is on the horizon to prevent illicit activities. Collaboration between the Ministry of Labor and Social Security and the Finance Ministry will set capital requirements, enhancing scrutiny in the sector.

Strengthening Regulatory Bodies:

MASAK is set to be granted authority in investigating suspicious transactions. Detailed regulations will cover principles for traders, conditions for asset storage services, and crypto companies operating under SPK supervision.

#MehmetŞimşek #MASAK #SPK #FATF #Turkey

Turkey Exits FATF Grey List: A New Era for the Financial Systemy. 🇹🇷

The Financial Action Task Force (FATF) announced on June 28, 2024, that it has removed Turkey from the grey list due to its success in combating money laundering and terrorist financing. This decision marks a significant victory resulting from efforts since 2021.

📍Meaning and Effects of the Decision

The Ministry of Treasury and Finance emphasizes that this development will strengthen confidence in the financial system and facilitate the achievement of economic goals. Additionally, it aims to increase the capacity of relevant institutions, especially MASAK (Financial Crimes Investigation Board).

Vice President Cevdet Yılmaz states that the decision will accelerate the inflow of international resources, reduce borrowing costs, and positively affect both the financial and real sectors. According to Yılmaz, capital flow will increase, interest in the Turkish lira will strengthen, and the disinflation process will gain momentum.

📍FATF Evaluations

In FATF's decision text, Turkey's progress in areas such as financial intelligence, supervision, investigation, asset recovery, and counter-terrorism is detailed. Supervision of non-profit organizations and the implementation of UN sanctions are also notable developments.

📍A Secure Step for Turkey

Turkey's exit from the grey list is seen as a significant step that will enhance its reliability in the international financial system and contribute to its economic stability. This situation may help attract more capital to the country by increasing investor confidence.

The statements from the Ministry of Treasury and Finance and Vice President Cevdet Yılmaz's evaluations indicate that this decision will provide long-term benefits for Turkey.

#FATF #Turkey #MehmetŞimşek #CevdetYılmaz #MASAK