Turkey is making great efforts to remove itself from the Financial Action Task Force's (FATF) "grey list" to improve its standing in the global financial arena. Turkey was added to the grey list by this esteemed international organisation in 2021 as part of its efforts to combat financial crimes. Even while the nation has done a great job of complying with the FATF's strict guidelines, there is still a significant issue that has to be addressed: cryptocurrency assets. Mehmet Simsek, the finance minister for Turkey, has said that the approach to ensure compliance and open the door for removal from the grey list is to address legislation governing crypto assets.
The Turkish Presidential Annual Programme for 2024 presents a thorough plan outlining Turkey's efforts to define and tax cryptocurrency assets in a way that makes sense. Come along as we explore Turkey's calculated approach to regulating cryptocurrencies and its quest for a more promising financial future on the international scene.
The Current Situation
Mehmet Simsek, the Turkish Finance Minister, has made major moves to rectify Turkey's listing on the FATF's "grey list". Following the FATF's 2021 downgrade, Simsek declared that new legislation aimed exclusively at crypto-assets is being developed. These measures' main goal is to convince the FATF to remove Turkey from the "grey list". According to an official FATF report, Turkey mostly complied with 39 of the 40 guidelines set forth by the watchdog. The only outstanding matter about technological compliance, however, has to do with cryptocurrency assets. Simsek has indicated that he intends to bring a bill about crypto-assets before the parliament as soon as possible, highlighting how urgent the matter is.
The FATF has found one outstanding technical compliance problem related to crypto assets. Although Turkey has complied in many ways, there still needs to be a solution to this particular issue. Experts at Bitai Method mention that with the upcoming crypto-assets bill, Turkey hopes to address this crucial shortcoming and emphasise the importance of crypto rules in their goal of FATF compliance.
Finance Minister Mehmet Simsek has recognised the necessity of a crypto-assets law as Turkey works to remove itself from the FATF's "grey list". Specifics about the suggested legal amendments have yet to be made public. The major goal is still to persuade the FATF to recognise Turkey's dedication to preventing money laundering and terrorist funding by implementing strict rules on digital assets.
These measures demonstrate Turkey's resolve to improve its standing in the global financial community and its proactive approach to addressing the FATF's concerns.
The FATF and Its Role
The G7 created the Intergovernmental Financial Action Task Force (FATF) in 1989 to fight financial crimes, including money laundering. The FATF's initial focus was money laundering, but in 2001, it broadened its mandate to include the fight against terrorism financing. It comprises the G7 countries, the European Commission, and other participating nations. The FATF has increased its level of surveillance over Turkey since 2019. Turkey released a report in 2022 detailing its initiatives to improve its framework for combating money laundering and terrorist financing (AML/CFT). Twelve of the forty FATF recommendations are now followed by Turkey; the remaining two are non-compliant, and the remaining twenty-two are mostly followed. In 2019, the FATF had previously alerted Turkey to shortcomings in the steps concerning the freezing of assets linked to terrorism and the proliferation of weapons.
Turkey's Roadmap to Compliance
The intended steps to define crypto assets and give legal recognition and categorisation for crypto asset providers, including cryptocurrency exchanges, are outlined in Article 400.5 of the Turkish Presidential Annual Programme for 2024.
Turkey intends to impose taxation on profits from cryptocurrency trading. But information about the nature of these upcoming restrictions has yet to be given.
The Turkish Presidential Annual Programme for 2024's Article 400.5 lays the groundwork for giving bitcoin exchanges and other suppliers of digital assets legal classification and registration. There are no clear indications in the Turkish Presidential Annual Programme for 2024 about the type of cryptocurrency restrictions that Turkey may implement in the future.
Central Bank's Involvement
In an innovative move, the Central Bank of the Republic of Turkey (CBRT) is investigating the advantages of adding a digital Turkish lira to the country's current payment system. The Central Bank Digital Turkish Lira Research and Development (R&D) Project is the name of this endeavour. As part of this effort, CBRT created the "Digital Turkish Lira Collaboration Platform" and negotiated memorandums of understanding with technology companies like ASELSAN, HAVELSAN, and TÜBİTAK-BİLGEM. After the proof of concept is completed successfully, the project moves to the next phase, which involves technical stakeholders.
Using distributed ledgers in payment systems, blockchain technology, and immediate payment system integration are just a few technological areas the CBRT may investigate over its extensive research, development, and testing phases. It's crucial to remember that the CBRT has yet to decide in stone how the digital Turkish lira will be issued.
Turkey's persistent attempts to improve its worldwide financial standing are seen in its efforts to get off the Financial Action Task Force's (FATF) "grey list." Turkey is demonstrating its proactive approach to addressing FATF's concerns, enhancing compliance with its focus on regulating cryptocurrency assets, and investigating the possibility of a digital Turkish lira. The proactive approach taken by Turkey's Finance Minister Mehmet Simsek to regulate cryptocurrency assets highlights the country's commitment to openness and compliance with FATF principles. Turkey's Anti-Money Laundering/Countering the Funding of Terrorism (AML/CFT) framework is under closer examination due to the FATF's involvement in the fight against financial crimes, including money laundering and funding of terrorism. Turkey aims to establish a safer and more effective financial environment as its compliance roadmap develops, highlighting its determination to succeed on the international financial scene.
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