Turkey is gearing up to introduce new legislation concerning cryptocurrency assets in an effort to convince the international crime watchdog to remove it from the “grey list.” The Financial Action Task Force (FATF) had downgraded Turkey to this category in 2021.

While addressing a parliamentary commission, Finance Minister Mehmet Simsek disclosed that a recent FATF report found Turkey in full compliance with 39 out of 40 of the watchdog’s standards, with the remaining issue being related to crypto assets. Simsek pledged to present a legislative proposal on crypto assets to parliament, aiming to rectify this concern and potentially exit the grey list. The specifics of the proposed legal changes were not provided.

The FATF, established by the G7 group of advanced economies to safeguard the global financial system, had previously warned Turkey about substantial deficiencies, including the need to enhance measures related to freezing assets associated with terrorism and weapons of mass destruction proliferation in 2019.