According to a report by Cointelegraph, Turkey is reportedly drafting new regulations to regulate cryptocurrency in an effort to convince FATF (Financial Action Task Force), which is an international organization responsible for combating financial crimes.
With the attempt Turkey wants itself removed from FATF's grey list of nations that have not done enough fighting money laundering and terror financing.
Turkey was placed in the grey list back in 2021. FATF is said to be the watchdog looking to stop money laundering and terror financing by imposing sanctions on countries if they don't adhere to their laws and rules.
I see FATF as more like a tool for controlling financially weak countries by the bigger economies in the world imposing sanctions on them.
I believe FATF ain't much friendly to the crypto industry and they would try to put hurdles in the way of crypto industry restricting it from mass adoption. Crypto industry already have millions of people from across the globe who look very passionate about it. They have no become a force which could have an impact if united.
The industry has now become a reality and FATF can't just put hurdles in the way of the industry imposing blind and strict regulations without even hearing to the players in the industry and the community. FATF will need to work with the crypto community and sort things out if they have any concerns. Yes, scams do happen in the crypto industry and that needs to be addressed but that could also be compensated if right regulations were put into place.
They crypto industry needs friendly regulations binding crypto exchanges, big platforms and the community to abide by the rules which could help in its mass adoption as it is something that is in our own favour.
What are your thoughts?
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