President Recep Tayyip Erdoğan of Turkey recently appointed Professor Fatma Ozkul, an expert in #crypto assets and #blockchain​ technology, to the central bank's rate-setting committee. This nomination, announced on December 22, adds Ozkul, who has been teaching at Istanbul’s Marmara University since 2012, specializing in accounting, finance, and auditing with a focus on blockchain technology and digital assets. She authored a book on crypto asset accounting in 2022.
Ozkul's appointment comes amidst the Monetary Policy Committee's responsibility to control inflation by setting the benchmark interest rate, which was increased to 42.5% on December 21 due to Turkey's inflation rate surpassing 61.98% in November.
Erdoğan has made other significant appointments, including Hafize Gaye Erkan, a former Goldman Sachs banker, as the central bank governor. In 2022, the central bank successfully conducted initial tests of the Digital Turkish Lira.
Turkey has experienced a surge in crypto adoption, ranking fourth globally in raw crypto transaction volumes, recording around $170 billion between July 2022 and June 2023, trailing only the US, India, and the UK. This increased interest in crypto investments is attributed to Turkey's inflation woes.
A survey revealed that over half of Turkish adults are now involved in the crypto market, marking a 12% rise in investors over 18 months. There's also a diversification in crypto investors' demographics, with growing female participation, especially among younger age groups. Nearly half of crypto investors aged 18 to 30 are female.
The Turkish government is considering regulatory measures for the crypto market, focusing on licensing and taxation to comply with #FATF regulations and remove Turkey from the "grey list."

Financial Action Task Force announced that its delegates have agreed on an action plan to ensure timely global implementation of global standards on cryptocurrencies.

#FATF #cryptocurrency

#FATF Approves A Plan For Implementing #Global #Cryptocurrency Standards.

The Financial Action Task Force, or FATF, has announced that its members have reached consensus on an action plan "to drive prompt global implementation" of international #Regulation on cryptocurrencies.

Far📈 October's #CPI Crypto Recap 🚀

In a month of twists and turns, the crypto market navigated the ebb and flow of economic indicators and external pressures. The October Consumer Price Index (CPI) report brought a breath of relief, indicating a potential slowdown in inflation. Crypto giants Bitcoin and Ethereum responded with record-breaking surges, reinforcing their role as hedges against traditional economic uncertainties.

As November unfolds, the crypto market remains at the intersection of optimism and caution. The anticipation of the first Bitcoin futures exchange-traded fund (ETF) launch in the U.S. looms large, promising potential institutional influx. Yet, challenges persist, serving as a reminder that the crypto journey is a dynamic ride with both exhilarating highs and cautionary lows. Buckle up for the next chapter in the crypto saga!

#cpi #BTC #ETH #etf #FATF

Turkey's Strive for Regulatory Clarity in Crypto Sector. 🇹🇷

Turkey is making noteworthy strides towards establishing regulatory clarity in the cryptocurrency sector. The country aims to secure regulatory approval from the Capital Markets Board (SPK) for cryptocurrency trading platforms.

The Ministry of Treasury and Finance in Turkey has taken proactive measures by drafting legislation that mandates SPK to grant operational permits to crypto trading platforms. This initiative is part of Turkey's broader efforts to exit the Financial Action Task Force (FATF) gray list, with a specific focus on enhancing legal frameworks related to cryptocurrencies.

Having already fulfilled 39 out of 40 criteria set by FATF, Turkey's pending legislation regarding crypto assets represents the final step for removal from the gray list. The draft legislation offers a comprehensive definition of crypto assets as "intangible assets representing value or rights."

Key provisions include definitions for crypto asset service providers and storage services, along with measures addressing operational processes, investor protection, and the prevention of illicit activities in the crypto industry. The SPK will play a pivotal role in granting operational permits to crypto trading platforms, ensuring financial contributions, and taking action against financially weakened organizations.

Individuals causing harm to customers' resources may now face embezzlement charges, potentially leading to up to 20 years of imprisonment. The legislation also streamlines the process of seizing assets of individuals involved in criminal activities, with a particular emphasis on combating money laundering and terrorism financing.

Turkey's progress in regulatory developments signifies a significant step towards adopting a more active stance against money laundering and crime proceeds. In a parallel move highlighting the growing importance of cryptocurrencies and blockchain technology, the Central Bank of Turkey recently appointed a crypto expert to the Monetary Policy Committee.

#Turkey #etf #BTC #FATF

Nigeria's Central Bank Unlocks Crypto Potential. 🇳🇬🪙

Central Bank of Nigeria (CBN) has officially lifted its ban on cryptocurrency transactions, reshaping the nation's financial landscape. Haruna Mustafa, Director of the Financial Policy and Regulation Department, announced this transformative decision, highlighting Nigeria's commitment to adapting to global financial trends.

Regulation of VASPs:

The CBN aligns with global trends by emphasizing the regulation of Virtual Assets Service Providers (VASPs), including cryptocurrencies. This move addresses concerns like money laundering and terrorism financing, in accordance with Financial Action Task Force (FATF) recommendations.

New Guidelines for Banking Activities:

Fresh guidelines have been issued to regulate banking activities related to VASPs. Section 30 of the Money Laundering Act of 2022 officially recognizes VASPs as part of the financial institution definition. Immediate compliance is stressed for all banks and financial institutions in Nigeria.

Prohibition on Direct Crypto Transactions:

While lifting the ban enables banking transactions with VASPs, the CBN prohibits banks from holding, trading, or transacting virtual currencies on their own accounts. This nuanced approach showcases Nigeria's openness to the digital currency wave while exercising caution to mitigate potential risks.

The CBN's groundbreaking policy shift marks a transformative chapter in Nigeria's financial history. It signifies the country's readiness to embrace evolving global financial trends while vigilantly managing potential risks associated with the crypto space. Nigeria has positioned itself at the forefront of financial innovation, signaling a promising future for its digital economy.

#VASPs #FATF #Nigeria #HarunaMustafa #cbn

Mehmet Şimşek Sets a Date for Turkey's Crypto Regulation! 👀🇹🇷

In the dynamic landscape of cryptocurrency, Turkey is making headlines with its forward-thinking approach to regulation, signaling a new era for the nation's crypto ecosystem.

A Commitment to Compliance:

Turkey's commitment to regulatory compliance is evident as it aligns with 39 out of 40 FATF standards. Finance and Treasury Minister Mehmet Şimşek is driving the nation towards full compliance through legal measures, aiming to achieve this milestone by January.

Progress Towards Grey List Removal:

The emphasis on active participation is set to be removed from the FATF grey list, with Turkey anticipating its removal in the coming year. Progress shared with FATF suggests positive developments that may soon see Turkey exiting the grey list.

Responding to Market Dynamics:

Dr. Cüneyt Dirican observes increased expectations for crypto asset regulation amid a declining trend in exchange rates and the growing prominence of the crypto market. The anticipated introduction of a new bill aims to bring heightened oversight to Turkey's crypto market.

Curbing Illicit Activities:

Proposed taxation on crypto transactions above a certain threshold is on the horizon to prevent illicit activities. Collaboration between the Ministry of Labor and Social Security and the Finance Ministry will set capital requirements, enhancing scrutiny in the sector.

Strengthening Regulatory Bodies:

MASAK is set to be granted authority in investigating suspicious transactions. Detailed regulations will cover principles for traders, conditions for asset storage services, and crypto companies operating under SPK supervision.

#MehmetŞimşek #MASAK #SPK #FATF #Turkey

Turkey plans to tax cryptocurrency earnings as part of a move to tighten economic policy.

[As part of attempts to assist disinflation, Mehmet Şimşek, Turkey's Treasury and Finance Minister, is allegedly mulling a new tax on earnings from investments in equities and cryptocurrency.]

Due to Turkey's extreme inflation, profits from stock and cryptocurrency trading may soon be subject to taxes. According to individuals who spoke with Bloomberg, the measure was considered at a recent ruling-party conference and aims to ensure adequate taxes of all financial revenue.
The plan's specifics are still up for debate, but new rules should be addressed after parliament reviews this week's crypto-related legislation.

Turkey has been thinking about regulating cryptocurrencies in order to get off the Financial Action Task Force's (FATF) "grey list." A minimum capital requirement of 100 million lira, or around $3 million, was proposed by President Recep Tayyip Erdogan's AK Party in mid-2022 for cryptocurrency enterprises. But no decision has been taken on the subject as of yet.

Şimşek said at the beginning of November 2023 that the nation will at last be enacting crypto laws. In an address to the country's planning and budget commission, he stated that the US was in the "final stage" of compliance, having satisfied 39 of the 40 FATF requirements.

Early in 2024, Şimşek underlined that the new rules are meant to safeguard ordinary investors by reducing the dangers connected to cryptocurrency trading. Legal definitions of key phrases connected to cryptocurrencies, such as "crypto assets," "crypto wallets," and "crypto asset service providers," are purportedly important components of these legislation.

Since 2021, Turkey has been included on the FATF's "grey list," a designation that has undermined trust in the country's already precarious economy. In Turkey, amid high rates of inflation, cryptocurrencies have become quite popular and are now considered by many as an alternative source of financial security.

#BTC #FATF #CryptoNewss #bitcoin☀️ #XRPGoal

🌐 Europe's DeFi Dilemma: Regulation on the Horizon 🌐

🔍 The European Commission sets its sights on decentralized finance, signaling potential regulation under the Markets in Crypto-Assets (MiCA) framework. As the digital asset landscape evolves, the Commission aims to navigate the decentralized frontier by December 30, 2024. 📅💼

📝 A spokesperson for the Commission reassures that while research is underway, no policy decisions have been cemented yet. However, concerns arise regarding the impact on DeFi projects, especially in light of potential licensing requirements for platforms like decentralized exchanges. 🚫💳

🛡️ MakerDAO's co-founder, Rune Christensen, voices apprehension, foreseeing challenges for traditional DeFi interfaces. He predicts a shift towards fully decentralized or fully KYC'd frontends, potentially reshaping the accessibility of DeFi as we know it. 😟🔄

💬 XReg Consulting partner, Nathan Catania, delves into the intricacies, suggesting that the definition of decentralization will heavily influence regulatory outcomes. The line blurs between fully decentralized protocols and those with centralized elements, posing a conundrum for regulators. 🤔📊

💼 Under MiCA, any entity facilitating digital asset-related services may fall under scrutiny, ranging from trading to custody. However, nuances abound, with considerations for professional services and fee structures impacting regulatory assessments. 💰🔍

💼 Additionally, the Financial Action Task Force (FATF) emerges as a potential player in the regulatory landscape, proposing criteria that could classify DeFi arrangements under virtual asset service providers (VASPs). The complexity of defining and regulating DeFi activities underscores the challenges ahead. 📈🔒

🌟 As Europe navigates the maze of DeFi regulation, stakeholders brace for a paradigm shift, where innovation meets oversight in the quest for a balanced ecosystem. 🌟 #DeFiDilemma #CryptoRegulation #MiCA #FATF 🚀🔍
Follow | Like ❤️ | Quote 🔄 | Comment🙏

🌐 Europe's DeFi Dilemma: Regulation on the Horizon 🌐

🔍 The European Commission sets its sights on decentralized finance, signaling potential regulation under the Markets in Crypto-Assets (MiCA) framework. As the digital asset landscape evolves, the Commission aims to navigate the decentralized frontier by December 30, 2024. 📅💼

📝 A spokesperson for the Commission reassures that while research is underway, no policy decisions have been cemented yet. However, concerns arise regarding the impact on DeFi projects, especially in light of potential licensing requirements for platforms like decentralized exchanges. 🚫💳

🛡️ MakerDAO's co-founder, Rune Christensen, voices apprehension, foreseeing challenges for traditional DeFi interfaces. He predicts a shift towards fully decentralized or fully KYC'd frontends, potentially reshaping the accessibility of DeFi as we know it. 😟🔄
💬 XReg Consulting partner, Nathan Catania, delves into the intricacies, suggesting that the definition of decentralization will heavily influence regulatory outcomes. The line blurs between fully decentralized protocols and those with centralized elements, posing a conundrum for regulators. 🤔📊

💼 Under MiCA, any entity facilitating digital asset-related services may fall under scrutiny, ranging from trading to custody. However, nuances abound, with considerations for professional services and fee structures impacting regulatory assessments. 💰🔍

💼 Additionally, the Financial Action Task Force (FATF) emerges as a potential player in the regulatory landscape, proposing criteria that could classify DeFi arrangements under virtual asset service providers (VASPs). The complexity of defining and regulating DeFi activities underscores the challenges ahead. 📈🔒

🌟 As Europe navigates the maze of DeFi regulation, stakeholders brace for a paradigm shift, where innovation meets oversight in the quest for a balanced ecosystem. 🌟
#DeFiDilemma #CryptoRegulation #MiCA #FATF 🚀🔍

Follow | Like ❤️ | Quote 🔄 | Comment🙏

Turkey Exits FATF Grey List: A New Era for the Financial Systemy. 🇹🇷

The Financial Action Task Force (FATF) announced on June 28, 2024, that it has removed Turkey from the grey list due to its success in combating money laundering and terrorist financing. This decision marks a significant victory resulting from efforts since 2021.

📍Meaning and Effects of the Decision

The Ministry of Treasury and Finance emphasizes that this development will strengthen confidence in the financial system and facilitate the achievement of economic goals. Additionally, it aims to increase the capacity of relevant institutions, especially MASAK (Financial Crimes Investigation Board).

Vice President Cevdet Yılmaz states that the decision will accelerate the inflow of international resources, reduce borrowing costs, and positively affect both the financial and real sectors. According to Yılmaz, capital flow will increase, interest in the Turkish lira will strengthen, and the disinflation process will gain momentum.

📍FATF Evaluations

In FATF's decision text, Turkey's progress in areas such as financial intelligence, supervision, investigation, asset recovery, and counter-terrorism is detailed. Supervision of non-profit organizations and the implementation of UN sanctions are also notable developments.

📍A Secure Step for Turkey

Turkey's exit from the grey list is seen as a significant step that will enhance its reliability in the international financial system and contribute to its economic stability. This situation may help attract more capital to the country by increasing investor confidence.

The statements from the Ministry of Treasury and Finance and Vice President Cevdet Yılmaz's evaluations indicate that this decision will provide long-term benefits for Turkey.

#FATF #Turkey #MehmetŞimşek #CevdetYılmaz #MASAK

👉👉👉 #FATF Urges India to Strengthen Virtual Asset Regulation

India Enhances Compliance with FATF Standards

- India has made notable progress in meeting the Financial Action Task Force (FATF) standards related to illicit finance and money laundering. Following a joint assessment with the Asia-Pacific Group on Money Laundering (APG) and the Eurasian Group (EAG), FATF acknowledged India's high technical compliance but highlighted areas needing improvement, particularly in the non-financial sector and among virtual asset providers.

Key Findings:

1. India is commended for its anti-money laundering (AML) efforts and the development of its counter-terrorism financing (CFT) framework.

2. The FATF emphasized the need for quicker prosecutions of financial crimes and urged a risk-based approach to protect non-profit organizations from misuse.

3. Compliance in non-financial sectors and virtual asset service providers is still in early stages, necessitating enhanced supervision and cash restrictions, particularly in high-risk industries like precious metals.

Despite these challenges, India's financial authorities were praised for their coordination and international cooperation. India is currently in "regular follow-up" status and will report back to the FATF Plenary in three years.

Source - news.bitcoin.com

#CryptoNewsCommunity

🇦🇷 Argentine Crypto Investors Oppose FATF Travel Rules: Argentine cryptocurrency investors are urging new President Javier Milei not to introduce the Financial Action Task Force's (FATF) travel rules, according to local reports. Milei, who recently took office, has promised radical monetary reform, but there's uncertainty about his stance on cryptocurrency-friendly legislation. 🇦🇷💼 #Argentina #Cryptocurrency #FATF

🚨 Russia's digital currency push with the Digital Ruble doesn't satisfy FATF, raising blacklist fears. Despite Russia's efforts, global standards on AML/CFT remain unmet, hinting at potential international financial isolation. #DigitalRuble #FATF #RussiaBlacklist #Write2Earn

#CryptoCurrency Permanently #BANNED in Pakistan

A meeting of the Standing Committee on Finance was held under the chairmanship of Senator Saleem Mandviwala at Parliament House today, where it was informed that the State Bank of Pakistan (#SBP ) and the Ministry of IT & Telecom have started work to ban the use of cryptocurrencies in the country.

The committee directed authorities to block cryptocurrency services and websites dealing with the instrument in Pakistan.

Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha informed the committee that cryptocurrencies will never be legalized in Pakistan. She said the Financial Action Task Force (#FATF ) had imposed strict conditions on the usability and viability of cryptocurrencies, therefore this medium of exchange will not be allowed in Pakistan.

#feedfeverchallenge