The Turkish government is drafting new legislation to control cryptoassets in order to comply with all the norms of the international crime watchdog.
The Financial Action Task Force (FATF) put Turkey on the gray list of countries that have not taken sufficient measures to prevent money laundering and terrorist financing in 2021.
According to details published by Reuters, Finance Minister Mehmet Simsek emphasized during his speech to a parliamentary committee that, according to the FATF report, Turkey has failed to meet only one of the organization's 40 standards, which it intends to meet.
"The only remaining issue within the scope of technical compliance is the work related to crypto assets," Simsek said.
"We will submit a law proposal on crypto-assets to the parliament as soon as possible. After that, there will be no reason for Turkey to stay on that gray list if there are no other political considerations," he added.
The Financial Action Task Force on Money Laundering, established by the G7 countries to protect the global financial system, warned Turkey in 2019 to improve measures to freeze assets linked to terrorism and the proliferation of weapons of mass destruction.
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