The Ak Parti is set to present a groundbreaking cryptocurrency legislation proposal to the Turkish Grand National Assembly (TBMM) today, marking a significant milestone in Turkey's journey towards regulatory clarity. This proposal aims to legally define cryptocurrencies for the first time, providing a much-needed framework for the industry.

According to Minister of Treasury and Finance Mehmet Şimşek, this regulation is crucial for Turkey's exit from the Financial Action Task Force (FATF) grey list. Turkey has been working towards aligning with FATF's standards, and this legislation proposal addresses the last remaining requirement. The proposal will be announced at a press conference today at 15:30, providing the public with a detailed understanding of the legal definition and regulation of cryptocurrencies.

The new regulation defines cryptocurrencies as "intangible assets" created and stored electronically, establishing a legal framework for their use. This move will make cryptocurrency transactions safer and more transparent, while also clarifying how they will be addressed in the fight against financial crimes. By addressing the lack of legal regulation regarding cryptocurrencies, Turkey will take a significant step towards exiting the grey list and strengthening its reputation in the international financial system.

This legislation proposal is a vital step towards building a solid foundation for the cryptocurrency market and the general economy. With Turkey aligning with 39 out of FATF's 40 standards, this regulation will be a crucial addition to the country's efforts to combat financial crimes and enhance its position in the global financial landscape.