⚡️Turkey🇹🇷 strives to Exit FATF "Gray List"

⚡️Turkey🇹🇷 strives to Exit FATF "Gray List"

Since October 2021, Turkey has been on the Financial Action Task Force (FATF) "gray list" due to the
"inadequate"implementation of anti-money laundering (AML) measures in various sectors, including banking and cryptocurrencies.

To rectify this situation, the Turkish government has decided to intensify its regulation, affecting virtual asset service providers (VASP), trading platforms, asset storage, and transactions conducted by Turkish residents.

➡️ Licenses: All cryptocurrency service providers operating in the country must obtain a special permit and register with the Capital Markets Board (CMB). Foreign crypto brokers without a license will be prohibited from operating in Turkey ⛔️.

➡️ Security: The regulatory framework is expected to align with FATF standards, especially the Travel Rules, which require cryptocurrency companies and financial institutions to share accurate information about the initiators and beneficiaries of transactions with supervisory authorities.

➡️ Consumer Rights Protection: The CMB will be responsible for this task, with expanded powers. Currently, it is estimated that around 10 million citizens are involved in cryptocurrency trading in Turkey.

The bill to amend the "Capital Markets Law No. 6362" was submitted to the Turkish parliament on May 16. It remains to be seen how long the approval process will take.

#news #Asia #crypto

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