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Turkey in 'Final Stage' of Bringing Crypto Legislation as Last Step to Get Off FATF's Gray List: Minister
Turkey has been on the "gray list" of the Paris-based global money laundering and terror financing watchdog since 2021.
Updated Nov 1, 2023, 11:19 a.m. Published Nov 1, 2023, 7:14 a.m.
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Turkey is in the “final stage" of bringing crypto legislation to its parliament, a last step required for it to be removed from the Financial Action Task Force’s (FATF) “gray list,” its finance minister Mehmet Şimşek told the nation’s planning and budget commission late on Tuesday.
The FATF’s "gray list” is seen as a reprimand to address strategic deficiencies in regimes to counter money laundering and terrorist financing. Turkey has been on the “gray list” of the Paris-based global money laundering and terror financing watchdog since 2021, breaking confidence in the Turkish economy, which has already been under a dark cloud of high inflation, making crypto remarkably popular, "basically a saviour."
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Turkey has complied “with 39 out of 40 FATF standards,” Simsek said, according to CoinDesk Turkey. “Regarding technical compliance, the only ongoing preparations are related to work on crypto assets. Our necessary efforts in this regard have reached the final stage."
Last week, Turkey’s finance ministry announced it would carry out a study on regulating crypto asset service providers and taxing and defining virtual assets, but the latest revelation refers to its motivation to bring crypto legislation to parliament as a final step to fulfill FATF's technical requirements to be removed from the “gray list.”
“We will submit a law proposal on crypto-assets to the parliament as soon as possible,” Simsek said, according to CoinDesk Turkey. “After that, there will be no reason for Turkey to stay in that gray list, if there are no other political considerations.”
Read More: 11,196 Years Jail Sentence for Faruk Özer, CEO of Collapsed Turkish Crypto Exchange Thodex
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
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- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
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