Bam Azizi’s Post

🇹🇷 Landmark moment for the crypto industry in Turkey! The Capital Markets Board of Turkey (SPK) just dropped a game-changing set of regulations on August 8, 2024. Crypto asset service providers, get ready to level up—or get left behind. 🚀 The SPK's new principles are set to redefine how crypto exchanges operate, demanding a rock-solid foundation with at least 50 million TRY in capital, joint-stock company status, and strict adherence to the law. If you're in the game, it's time to ensure your house is in order. 🏦 But that’s not all—crypto exchanges must now have the phrase "crypto asset trading platform" in their trade names and can only focus on trading, offering, distribution, clearing, transfer, and custody. The bar has officially been raised. 📈 For those still in the transition period, the clock is ticking. Companies that don't meet these tough new standards by November 8, 2024, will face serious consequences. The SPK isn't messing around. ⏳ This move is a massive step towards a more regulated and secure crypto environment in Turkey. 

FATF is indicating that Türkiye is currently compliant or largely compliant on 39 out of the 40 recommendations. Undoubtedly this is quite a remarkable achievement but yesterday, Türkiye took a further step to resolve the only remaining technical compliance issue which relates to Virtual Assets Service Providers(VASPs). VASPs were already included within the obliged entities back in 2021 and thus were subject to AML/CFT obligations such as CDD, STR, recordkeeping etc. This time with the draft law Türkiye is extending these requirements to include the registration/licencing of such providers and implementing travel rule for the transactions they carry. In line with the results of the latest NRA (https://lnkd.in/dkN4vxhX unfortunately only in Turkish) which indicates that the VASP sector poses a high risk, Türkiye is making every effort possible to further stregthen its AML/CFT regime.

The 𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗿𝘆𝗽𝘁𝗼 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 by Elliptic was updated! It offers an in-depth analysis of the evolving regulatory frameworks governing cryptocurrencies and stablecoins worldwide. 📝 The report outlines how global regulatory frameworks for crypto assets are being shaped by increasing concerns over consumer protection, financial stability, and the prevention of illicit activities. 📈 The report tracks legislative advancements across regions, providing compliance professionals with essential updates on the current regulatory environment for cryptocurrencies. Key developments in 2024 include:  🇪🇺 EU's leading Markets in Crypto-Assets Regulation 🇦🇪 UAE's guiding the Middle East   ✈️ global expansion of the crypto Travel Rule  💱 growing focus on stablecoin regulation 🚧 ever challenging US regulatory enironment 🌏 widely varying regulatory approaches in Asia 🤝 global alignment improves Page 5 shows a very nice map with global frameworks! 🗺️ #MiCAR #TravelRule #VARA

📢 Exciting news from Turkey! A new legislative proposal to regulate and enhance the security of crypto asset transactions has been introduced to the Turkish Parliament. 🔍 Key Highlights: 🌐 Crypto service providers must be licensed and regulated by the Capital Markets Board (SPK). 🌐 Enhanced SPK oversight to protect consumer assets and ensure effective dispute resolution. 🌐 Mandatory revenue collection from crypto service providers by SPK and TÜBİTAK. Ban on foreign crypto brokers to foster a locally regulated ecosystem. 🌐 This move seeks to align Turkey with international standards and address the FATF's concerns, enhancing the security and reliability of the national crypto market. Summary of the proposal here below! #CryptoRegulation #Turkey #CapitalMarkets #BlockchainSecurity #FinancialInnovation

📈💡 Nigeria’s FIRS is pushing forward with a plan to regulate cryptocurrencies as part of a broader tax system overhaul to enhance economic growth without harming development. FIRS chairman Zacch Adedeji emphasized the need for legislation to tap into the digital assets' full potential while mitigating risks. Acting on President Tinubu's mandate, the SEC is also amending existing rules to align with current crypto market realities. Do you think Nigeria’s new crypto regulations will benefit its economy? 💸

✨ New crypto regulatory affairs update alert✨ In this edition, we explore interesting developments like unapproved stablecoins facing delisting risk on EU exchanges as we steadily make our way towards 2025, and Singapore's new consultation on digital payment token licensing and compliance guidelines. Here are other notables: 🔎 Southeast Asian crypto exchanges require greater regulatory scrutiny, according to a United Nations agency 📐 The United Arab Emirates continues taking steps that are likely to bolster its reputation as a leading hub for cryptoasset activity 📕 European Banking Authority publishes its final guidelines for ensuring the orderly redemption of token holders in the event of a crisis on the part of stablecoin issuers ⏰ Dutch Authority for Financial Markets (AFM) published a warning about the risks of market manipulation in the crypto asset space 💰 South Korea regulators will review whether to maintain an existing ban on spot cryptoasset exchange traded funds Read the full update here ➡️ https://hubs.la/Q02TP9NR0

Two Major Updates from Türkiye (Turkey) on Crypto Asset Regulations in the EMEA Region! As we close out the week, we bring you two significant updates from Türkiye regarding crypto assets: 1. First Law on Crypto Assets Approved by Parliament The amendments to the Capital Markets Law have been approved, marking the first law on crypto assets at the legislative level in Türkiye. The Capital Markets Board has been granted the authority for secondary regulations. This significant step lays the groundwork for legal clarity in one of the largest markets in the EMEA region. 2. Türkiye Removed from the Grey List In a landmark decision at the Financial Action Task Force's meeting in Singapore, Türkiye has been removed from the Grey List as of June 28, 2024, after being listed since 2021. These developments are expected to significantly boost the momentum of the crypto asset markets in Türkiye, which is already the leading market in Europe and the fourth largest globally in terms of trading volume. Stay tuned for more updates as Türkiye continues to strengthen its position in the global crypto landscape! 🌍🚀 #CryptoRegulation #EMEA #Turkey #FinancialMarkets #CryptoNews #Investors #Blockchain #EmergingMarket

📣 Attention all crypto enthusiasts! The Bank of Lithuania has recently launched a dedicated subpage on the website, focusing on MiCAR (Market in Crypto-Assets Regulation). As the crypto landscape evolves, staying informed about regulatory developments is crucial for industry professionals. 🔗 Explore the resource here: https://lnkd.in/daFrCQrJ #Lithuania #MiCA #CryptoRegulation #CryptoLicensing #BankofLithuania #CryptoIndustry #FinancialRegulation

Entering Indonesia’s crypto market? Check out our guide to navigating local regulations. Read for free > https://lnkd.in/gb5NjN27