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.

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

🌐 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 🚀🔍

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🚀📜Embarking on a New Era of Crypto Regulation: Insights from the EU & UAE

The global landscape of digital assets is undergoing a seismic shift, with regulatory frameworks taking center stage. In a bid to foster transparency and security, the European Union (EU) is ushering in a new era of compliance, notably with the adoption of the FATF 'travel rule'. This move aims to fortify measures against money laundering and terrorist financing, marking a pivotal step towards regulatory clarity within the crypto space.
Simultaneously, the United Arab Emirates (UAE) is pioneering innovative approaches to virtual asset regulation. Spearheaded by the Virtual Asset Regulatory Authority (VARA), Dubai's regulatory framework is set to redefine standards for consumer protection and anti-money laundering efforts. These progressive initiatives, alongside Cabinet Resolution No.111 of 2022, underscore the UAE's commitment to fostering a safe and conducive environment for digital asset service providers.

🌍💼Implications & Opportunities

These regulatory strides carry profound implications for various stakeholders. Investors stand to benefit from heightened security and legitimacy, while service providers must adapt to evolving compliance requirements. Innovators in the crypto sphere face both challenges and opportunities, navigating the delicate balance between innovation and regulatory adherence.

Conclusion: Navigating the Regulatory Landscape

As the EU and UAE pave the way for comprehensive crypto regulations, the industry is poised for transformation. Embracing these changes with agility and foresight will be pivotal for stakeholders to thrive in this dynamic regulatory landscape. Stay tuned for more updates as we navigate this exciting journey together!
#CryptoRegulation #EU #UAE #Write2Earn #FATF

🇦🇷 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

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🇷🇺 Russia's FATF Rating Downgraded Over Crypto Regulation Shortfalls

The Financial Action Task Force (#FATF ) has lowered Russia’s rating owing to insufficient oversight of cryptocurrencies, as indicated by regional coverage. According to #RBC , this downgrade highlights escalating worries about the country’s capacity to oversee and mitigate dubious #transactions within the rapidly expanding realm of digital finance.

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#BTC
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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."

#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

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

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'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

🌐 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 🚀🔍
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