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Turkey Is in Its Final Stage of Crypto Legislation To Be Removed From FATF’s Grey List, Says the Minister

Mehmet Şimşek, the finance minister of Turkey disclosed that major of the conditions of FATF have been fulfilled and only the last step is left to be out of the grey list.

Claudia Fischer

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FDIC Imposes Restrictions over Crypto Signage and Advertisements

Turkey was added to the ‘grey list’ by the Financial Action Task Force (FATF) financial instability and high rate of inflation. Recently Turkish Finance Minister, Mehmet Şimşek disclosed that Turkey is now in its financial stages of getting off the grey list of FATF.

On Tuesday, while talking to the planning and budget commission of the nation, Mehmet brought the agenda into the light. He disclosed that major of the conditions of FATF have been fulfilled and only the last step is left to be out of the grey list. And now Turkey is in the final stages of bringing crypto legislation to get cleared out of the FATF’s grey list.

FATF’s Stance about Turkey

Turkey was added to the grey list by the terror finance and money laundering watchdog, the Financial Action Task Force (FATF) back in 2021. FATF added Turkey to the grey list as FATF couldn’t keep up its confidence in Turkey’s financial status due to the high inflation rate and mismanagement in the financial system. Since then, Turkey has been working on complying with FATF.

Crypto Can Be A Savior For Turkey

Turkey is facing a high inflation rate and is under the dark cloud of staggering finance. Amid such circumstances, Tukey has a high hope of getting out of this chaotic financial state. It is believed that by being out of the grey list and back to the crypto industry, Turkey might get financially stable and in that way, crypto can act as a saviour for Turkey.

Also Read: UAE Tops the List of Regions Having Maximum Crypto Owners

Mehmet disclosed Turkey has completed 39 standards out of 40 set by the Financial Action Task Force (FATF). He said that we’re almost done with the work needed for crypto assets and we are entering the last stages for technical compliance FATF.

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