Turkey is pushing ahead with legislation to regulate cryptocurrencies in the country in an attempt to exit the Financial Action Task Force’s Gray List, the nation’s finance minister said.
Berat Albayrak, Turkey’s Minister of Treasury and Finance, said that existing regulatory frameworks needed to adapt to rapidly changing technology. He said the government was focused on putting a framework in place to provide guidance and effectively integrated cryptocurrency into the mainstream.
Albayrak said the new legislation would bring regulations in line with international standards. He added that the goal is to move Turkey from the FATF Grey List to the White List, which typically indicates full compliance.
Under the proposed framework, cryptocurrency transactions in Turkey would be recorded and monitored. Companies would need to apply to the country’s financial regulator to gain the go-ahead. The government would also reserve the right to bar cryptocurrency-based activities.
Albayrak said the legislation was drafted collaboratively with the public and private sectors and would benefit the blockchain and digital asset ecosystem. He said the hope is that it will increase investor confidence in the sector.