According to Sözcü’s report, the Ak Parti will present the cryptocurrency legislation proposal to the Turkish Grand National Assembly (TBMM) today at 15:30. Minister of Treasury and Finance Mehmet Şimşek stated that this proposal would legally define cryptocurrencies for the first time. Şimşek emphasized that this regulation would also meet the last requirement for Turkey to exit the grey list.
Details of the Cryptocurrency Law to be Announced Today at 15:30
Ak Parti Group President Abdullah Güler will announce the details of the “Proposal for Amendment to the Capital Markets Law” at a press conference in TBMM today at 15:30. Güler will explain the content and objectives of the proposal in detail at this press conference. Thus, the public will be informed about how the proposal will provide the legal definition and regulation of cryptocurrencies.
According to the new regulation, cryptocurrencies will be defined as “intangible assets that can be created and stored electronically using distributed ledger technology or similar technology, distributed over digital networks, and can represent value or rights.”
This definition will establish the legal framework for cryptocurrencies and make their use safer and more transparent. At the same time, this regulation will clarify how cryptocurrencies will be addressed in the fight against financial crimes.
The Cryptocurrency Law Will Pave the Way for Exiting the Grey List
The FATF, which identifies the compliance of world economies with the fight against financial crimes, placed Turkey on the grey list in 2021 for insufficient efforts in combating money laundering and terrorism financing. Following its inclusion on this list, Turkey took various steps to comply with the standards set by FATF. The legislation proposal to be presented today aims to meet the last of these standards. Thus, Turkey will pave the way to exit the grey list.
Currently, Turkey has aligned with 39 out of FATF’s 40 standards, but the lack of legal regulation regarding cryptocurrencies is the last factor keeping Turkey on the grey list. The legislation proposal to be presented today will address this deficiency. This regulation will strengthen Turkey’s reputation in the international financial system and position it more effectively in the fight against financial crimes. Consequently, both the cryptocurrency market and the general economy will be based on more solid foundations.
