Turkish cryptocurrency enthusiasts are on the edge of their seats as they anticipate government regulations that have yet to be publicly disclosed or debated in legislative committees. Despite a draft being submitted to the Turkish Grand National Assembly back in January, by the end of February, there have been no updates, causing a stir among investors and the public alike.
New Delays in Crypto Regulatory Clarity?
Recent communications from government officials have sent mixed signals about the timeline and content of the upcoming regulations. Just this week, a statement from a ruling party member suggested imminent progress, while remarks from Minister Mehmet Şimşek introduced uncertainty. Şimşek emphasized that Turkey is on the cusp of exiting the Financial Action Task Force’s (FATF) grey list, having met all the necessary criteria.
Conflicting Messages Create Investor Uncertainty
This progress on FATF compliance has led some to speculate whether the cryptocurrency regulations are still a priority or may even be delayed. Şimşek’s assurance that all is well, paired with his silence on the cryptocurrency front, has fueled further speculation.
Şimşek credited the Financial Crimes Investigation Board’s diligent efforts for the FATF compliance achievements. However, his lack of commentary on cryptocurrency matters, combined with earlier statements tying the crypto draft to FATF grey list exit strategies, has left many wondering about the future of these regulations.
Investors remain in limbo, questioning if an “on-site inspection” is still on the agenda, or if Şimşek’s assurances presuppose the completion of crypto regulations by June, when Turkey’s FATF compliance will be reassessed.