Caghan Tansel’s Post

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

Excitement surrounds Turkey’s digital asset market as the Capital Markets Board of Turkey (CMB) announces a list of 47 crypto companies seeking licenses under the newly enacted ‘Law on Amendments to the Capital Markets Law.’ Signed by President Erdoğan on July 2nd, this groundbreaking legislation highlights Turkey's dedication to a regulated and transparent crypto environment. 📜 Among the applicants are major global players such as Binance, OKX, and Bitfinex, underscoring Turkey’s position as the fourth-largest crypto market worldwide with a remarkable trading volume of $170 billion. 🌍 While these companies are adapting their operations to align with the new regulations—like Binance modifying its Turkish services—their full authorization remains pending until secondary legislation is introduced. This forthcoming law will define essential industry terms and shape the future of crypto asset management in Turkey. 🏛️ Observers should stay tuned for further developments as Turkey continues to transform its crypto landscape. 🔍 #CryptoNews #TurkeyCrypto #Blockchain #DigitalAssets #Regulation #Finance #CryptoLicensing

The EU’s Markets in Crypto-Assets (MiCA) regulation is here, setting a new global standard in crypto regulation! 🌐💪 Adopted in June 2023, MiCA is a comprehensive framework designed to protect investors, promote transparency, and foster financial stability while allowing for innovation in the dynamic world of digital assets. By defining and regulating crypto-asset categories like asset-referenced tokens (ARTs) and e-money tokens (EMTs), MiCA creates a unified approach across EU member states, making it easier for crypto businesses to operate and expand. Get ready for a new era of crypto regulation in Europe! 📈💸 Let's discuss! To know more: https://lnkd.in/dFFwuaZx #CryptoverseLegalConsultancy #MiCA #CryptoRegulation #EuropeanUnion #CryptoAssets #DigitalFinance #InvestorProtection #FinancialStability #EUFinance #CryptoInnovation #BlockchainEurope

🇹🇷 Breaking News for Crypto-Asset Platforms In The Grace Period ⏳Within the scope of the transition carried out by the Capital Markets Board (CMB) for the operating crypto-asset platforms (Platforms), it was determined that the companies on the Active Platforms List must file their applications with the CMB by the end of November 8, 2024 to comply with the conditions in the Principle Decision, dated August 8, 2024. ❓There have been certain hesitations since then as to whether permits of the CMB and the Ministry of Trade would be required, as in the normal procedure, given the below scope and requirements in the Principle Decision: 🔸the conditions for incorporation of Platforms and for the incorporation permit by the CMB; and, 🔸requirements to amend articles of incorporations. The trade registry directorates had verbally refused the registration of the amendments to articles of incorporations of Platforms without the CMB's permit. ✅Istanbul Chamber of Commerce has started to share the following statement about this issue: "The CMB and Ministry permits are not required for amendments to the articles of incorporation of companies whose business names are included in the Active Platforms List." 🤝Let's also note that companies that are not on this list and want to operate as a Platform must obtain the permits from the CMB in the first place and then from the Ministry of Trade for both incorporation and future amendments to the articles of incorporation, as is the normal procedure. #Türkiye #Platforms #CASP #crypto #cryptoassets #CMB #capitalmarketsboard #capitalmarkets #finance #coin #token #Web3 #blockchain #tokenization #custody

The new MiCA regulations in the EU may cause a **crypto exodus** to the Middle East 🌍, where the regulatory environment is more welcoming. While MiCA provides clarity and legitimizes the industry, it could lead to **centralization** as larger firms dominate, leaving smaller companies struggling or being acquired. The crypto sector may start to mirror traditional finance, where resources dictate success. Some major players, like **Société Générale**, are already preparing MiCA-compliant digital services. 👉 How do you see this playing out for the crypto industry? 🔥

In our latest crypto regulatory affairs, the UK government is set to progress regulatory updates for stablecoins and crypto from early 2025. Stay informed with the latest crypto regulatory developments: 🇳🇱 New MiCA-compliant stablecoin rolls out in Netherlands, backed by Kraken and Tether 🇺🇸 Trump administration begins to consider crypto-friendly agency appointments 🇰🇷 South Korea bans crypto industry-tracking ETFs 🇧🇷 Brazilian capital requirements for crypto could favor TradFi 🇿🇦 South Africa to implement Travel Rule from April 30, 2025 Read the full update ➡️ https://hubs.la/Q02ZGPBW0 #Elliptic #Crypto #KnowExactly

Nigeria’s crypto scene just got a jolt. The Securities and Exchange Commission (SEC) launched a surprise program—the Accelerated Regulatory Incubation Program (ARIP)—for virtual asset service providers (VASPs), a.k.a. crypto exchanges. Typically, the procedure for a VASP license to become fully operative takes 10—13 weeks. However, with the new 30-day ARIP window already effective, companies that have already filed applications with the Commission prior, and those seeking to be registered as VASPs can obtain approval-in-principle, pending when the Digital Assets Rules [pdf] become operational. This could potentially weed out smaller players with malicious intent in the crypto space, centralising the market among well-funded entities. While this might enhance stability, it could also stifle innovation and limit access for everyday Nigerians. While the SEC frames this as a path to compliance, the rushed nature of the program raises eyebrows. Is this a genuine attempt at creating a regulated crypto environment, or a hasty reaction to Nigeria’s crypto powerhouse which has accounted for over $50 billion in crypto transaction value since 2022? Click the below to find out more 👇  https://lnkd.in/dY8BEexh       

The Markets in Crypto Assets Regulation (MiCA), established by the European Union (EU), encompasses regulations concerning crypto-assets and associated services and activities not addressed by existing EU legislation. As the inaugural cross-border framework tailored for overseeing crypto-asset markets, MiCA supersedes domestic regulations across numerous EU Member States where applicable, streamlining regulatory efforts in this burgeoning sector.   The Markets in Crypto Assets regulation (MiCA) of the European Union is set to come into force in 2024, marking the first instance globally where a major jurisdiction has established comprehensive and customized regulations for the cryptocurrency sector. These new crypto regulations, designed to enhance legal certainty for businesses and attract more investment to the region, will be applicable across 27 countries, collectively representing nearly one-fifth of the global economy. MiCA’s regulations stem from established EU guidelines governing securities trading. Any company intending to provide crypto services within the EU, including custody, trading, portfolio management, or advisory services, must obtain authorization from one of the 27 national financial regulators in the bloc. #MiCA #europeanunion #micaregulation

🚀FINAS again at the key moments of supporting the crypto industry in Slovakia ⚡The impending MiCA regulation has stirred the debate in various directions, creating yet another opportunity to bring the crypto world closer to the ecosystem's institutional partners. On Thursday, February 15th, Finas and its members, together with the National Bank of Slovakia, participated in a meeting with the Ministry of Finance and the Department for Legislation and Accounting Methodology! We are glad that we were invited to this key meeting 👉🏼in the process of creating legislation and methodology❗ We thank the Ministerstvo financií Slovenskej republiky and Národná banka Slovenska for the introductory meeting where we had the opportunity for 120 minutes to outline the functioning of the crypto world and its possible "grasp or analogies with the real physical world'. We perceive a number of questions that arise with the issue of crypto and accounting, so we are very happy that we can state together that 👉🏼 a new active platform for sharing ideas and proposals was created and started yesterday👈🏼💡 We are looking forward to the next joint meeting within the Ministry of Finance with the Department for Legislation and Accounting Methodology.🤩 Daniel Ďuriač, Tomas Poloma, STEINIGER | law firm, Lukáš Steiniger, Mountain Wolf, Marina Kapustina, ConsultareDigital, Stanislav Hutnan, Davy Cajko #finas #fintech #members #mfsr #nbs #micaregulation #crypto #legislation #accounting #bitcoin #blockchain #finance #slovakia #bratislava

Our CEO, Prof. Krzysztof Piech, actively participated in public consultations at the Polish Ministry of Finance on April 9th, regarding the implementation of the Markets in Crypto Assets (MiCA) directive in Poland. This participation reflects our commitment to constructive dialogue and collaboration with the Polish government to establish a regulatory framework that fosters innovation and responsible adoption of cryptocurrencies. The discussions covered a range of critical topics, drawing upon our CEO's valuable experience: Leveraging Expertise: Prof. Krzysztof Piech shared his insights gained from creating the list of regulated cryptocurrency entities for the Ministry of Digital Affairs in 2017. This experience provided valuable context for discussions around future regulatory frameworks. Addressing Industry Challenges: The discussions also focused on understanding current challenges faced by companies regarding the VASP list reported to the Ministry of Finance. By identifying these challenges, we can work towards solutions that streamline compliance and support business growth. Finding Collaborative Solutions: We believe that open dialogue is key to establishing effective regulations. Prof. Krzysztof Piech actively participated in exploring potential solutions to identified VASP list challenges. These solutions aim to strike a balance between safeguarding consumer interests and fostering an environment conducive to innovation. Promoting Responsible Innovation: Ensuring the responsible adoption of cryptocurrencies is paramount. The discussions explored ways to encourage innovation while mitigating potential risks associated with digital assets. We are confident that through ongoing collaboration with the Polish government, we can establish a thriving and secure digital asset environment in Poland. This environment will benefit both businesses operating in the crypto industry and Polish consumers seeking to participate in the digital asset economy. #MiCA #Poland #Cryptocurrency #Regulation #Fintech #Innovation