Turkey is seeking to leave the grey list of the Financial Action Task Force (FATF) with proposed legislation that would regulate the cryptocurrency asset sector. The bill was moved up the agenda last week, after the country has failed to meet FATF’s demands to comply with international standards against money laundering and terrorist financing. The bill seeks to bring the underworld economy of cryptocurrency assets into the regulated economy, requires reporting of any cryptocurrency transfers above 10,000 Turkish Lira (approximately $1,490 dollars) to the Financial Crime Investigation Department. It would also impose hefty fines for those who fail to report transactions or are in violation of other rules imposed by the financial watchdog. With the bill, Turkish authorities would have the power to impose new restrictions if needed, such as restricting access to certain types of wallets, and increasing the reporting thresholds. Additionally, the law seeks to provide legal protection to companies active in the sector and those who invest in cryptocurrency, as well as enhancing cooperation between regulators and technology companies. It is hoped that by regulating the crypto asset sector, Turkey can make good on their commitment to FATF, prompting the intergovernmental organization to remove the country from the grey list.