Turkey is working on strengthening its regulations on cryptocurrencies in order to be removed from the Financial Action Task Force's (FATF) "grey list" of countries that have not done enough to combat money laundering and terrorist financing. The Turkish Finance Minister announced that a new FATF report found Turkey to be compliant with most standards, except for concerns related to crypto assets. To address this, Turkey will propose new legislation on crypto-assets to the parliament. Once this legislation is in place, Turkey expects to be removed from the grey list. Turkey has been taking steps to regulate cryptocurrencies, including plans to establish a regulatory framework and tax crypto assets starting in 2024. The country has seen an increase in crypto investors as a response to inflation.
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