Schlagwort: blockchain regulation

• Turkey has introduced new regulations for crypto transactions to battle money laundering and terrorism financing.
• New AML regulations go into effect on February 25, 2025.

Turkey’s cryptocurrency regulation landscape continues to evolve, with new regulatory developments around crypto transactions and anti money laundering.

On Dec. 25, the Official Gazette of the Republic of Turkey published new AML rules. Under these regulations, users transacting over 15,000 Turkish liras ($425) have to share identification details with cryptocurrency service providers.

The new regulation targets the prevention of crypto use in money laundering and terrorism financing.

Notably, crypto service providers in the country are not mandated to collect customer transaction information when amount involved is below $425.

The new regulations take effect on February 25, 2025.

Crypto legal in Turkey

As Turkey looks to curb potential illicit crypto transactions, it’s effort reflects trends around the globe.

Most notable is the European Union’s Markets in Crypto-Assets (MiCA) regulation. MiCA comes into effect on Dec. 30, which has several crypto providers scrambling to comply. Several exchanges have delisted non-compliant stablecoins.

Turkey allows crypto users to hold and trade. The country granted crypto legal status in June 2024.

However, a ban on the use of crypto assets for payments has been in place since 2021.

A recent proposal has also looked to introduce a 0.03% transaction tax, with this aimed at boosting the county’s budget. Turkey currently has no crypto profit tax.

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• Copper has withdrawn its application to register in the UK.
• The crypto custody firm first failed to register in 2022 amid changes around crypto asset firms by the UK’s Financial Conduct Authority.

Copper Technologies Ltd., a crypto custody firm based in the United Kingdom, has dropped its plans for registration with the country’s Financial Conduct Authority (FCA).

In a report on Friday, Bloomberg said the London-based firm, whose chair is the former UK Chancellor of the Exchequer Philip Hammond, has instead elected for an overseas footprint. Copper’s pivot comes as the company looks to build its business with new hubs across the globe, with new CEO Amar Kuchinad spearheading the growth strategy.

Founded in 2018, Copper has grown to become one of UK’s largest crypto-focused businesses.

Part of the growth has come since the company failed to secure registration with the FCA in 2022. In the last few years, Copper has secured licenses or regulatory approvals in Switzerland, Hong Kong, and Abu Dhabi in the United Arab Emirates.

The crypto custodian has also disclosed plans to expand its services into the United States, a decision hinged on the pro-crypto environment expected under President Donald Trump.

Firms failed to meet regulatory standards

Copper drops its FCA license application amid the UK regulator’s report that most of the applications for licensing by crypto firms did not meet set regulatory standards. In its report in September, the financial markets regulator pointed out that this assessment affected about 90% of firms that applied.

The FCA rejected or saw about 87% of applicants withdraw over failures related to money laundering controls. The UK regulator has licensed only four crypto firms in the past year, with 9 rejected and 15 withdrawn. According to the FCA, 44 crypto firms had secured money laundering registration as of its annual report.

“We recognise the importance of providing an effective and efficient authorisations service if we want the UK to be the best place in the world for financial services to thrive. We continue to play a leading role internationally by shaping the global standards on crypto, sustainability, and non-bank finance to name but a few,” Nikhil Rathi, chief executive officer of the FCA, commented.

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• Bitpanda has secured in-principle approval from Dubai VARA.
• Dubai is emerging as a global crypto hub with a supportive regulatory environment.
• Bitpanda plans to establish a regional headquarters in Dubai to expand globally.

Bitpanda, a prominent European digital asset platform, has achieved a significant milestone by securing in-principle approval from the Dubai Virtual Asset Regulatory Authority (VARA).

This approval positions the Austrian company as the first European crypto firm to gain entry into Dubai’s burgeoning digital asset market.

Dubai emerging as a crypto hub

Dubai has emerged as a global cryptocurrency and blockchain innovation hub, attracting leading firms worldwide. With its progressive regulatory framework, the United Arab Emirates (UAE) offers a secure and innovation-friendly environment for crypto businesses and investors.

Bitpanda’s approval underlines its adherence to the region’s stringent regulatory requirements, reflecting the firm’s commitment to compliance and transparency.

Following the in-principle approval, Dubai will serve as Bitpanda’s gateway to global markets, and plans are already underway to establish a fully operational regional headquarters in the city.

According to Eric Demuth, co-founder and CEO of Bitpanda, Dubai’s status as a crypto-friendly city and its vibrant ecosystem make it an ideal launchpad for the firm’s international ambitions.

“In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them,” Demuth said.

Bitpanda still requires additional approval for full authorization

Despite receiving in-principle approval, Bitpanda must fulfil additional regulatory requirements to achieve full authorization to operate in the UAE.

Nevertheless, the company’s entry into Dubai signifies its commitment to playing a pivotal role in the region’s crypto ecosystem, contributing to the city’s reputation as a global leader in digital asset innovation.

With plans to collaborate with other financial entities in the UAE, Bitpanda is poised to solidify its presence in one of the world’s most promising crypto markets.

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• Blockchain Association, DeFi Education Fund and CEDAR Innovation Foundation have all opposed the re-nomination of Caroline Crenshaw as a SEC Commissioner.
• Crenshaw is a Joe Biden appointee and is criticised for her negative stance on crypto.

Crypto and blockchain advocacy groups Blockchain Association and DeFi Education Fund have written to the U.S. Senate Committee on Banking, Housing, and Urban Affairs voicing their opposition to the re-confirmation of SEC Commissioner Caroline Crenshaw.

The Blockchain Association and the DeFi Education Fund sent the letter to Senate Banking committee chair Sen. Sherrod Brown and Ranking member Sen. Tim Scott.

According to the letter, Crenshaw’s actions over the past four years have largely undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

“Congress has a clear mandate from the American people to establish sound and reasonable cryptocurrency-related policies. Unfortunately, Commissioner Crenshaw’s tenure at the SEC has been marked by actions that seem to be at odds with this charge,” the two groups said in a joint letter.

In the past month, SEC chair Gary Gensler and Commissioner Jaime Lizárraga both announced their departures from the agency in January. This leaves Hester Peirce, Caroline Crenshaw, and Mark Uyeda, with Crenshaw having joined in 2020 and seeing her term expire in 2024.

Read more: Donald Trump selects pro-crypto Paul Atkins to be the next US SEC chair

CEDAR Innovation Foundation also opposes the re-nomination

Opposition to Crenshaw’s re-confirmation arises from the fact that she largely aligned with the SEC’s negative approach to crypto. In one significant instance, she dissented on the approval of spot Bitcoin exchange-traded funds in the US, even after the DC Circuit Court had slammed the SEC for its “arbitrary and capricious” actions in denying Grayscale’s proposal to list a spot BTC ETF.

Apart from BA and DEF, the other opposition to Crenshaw’s renomination has come from the crypto advocacy group CEDAR Innovation Foundation. The industry-backed group has launched an ad campaign seeking to convince lawmakers to reject the re-confirmation.

Fox Business journalist Eleanor Terrett shared CEDAR’s ad plans on X.

The US Senate Banking Committee will vote on the decision on Wednesday. If approved, the Democrat appointee will continue at the SEC for four more years until 2029.

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• GRVT has secured Bermuda’s Class M license, becoming the first regulated DEX globally.
• GRVT combines 600,000 TPS with compliance, aiming to be the “Goldman Sachs on blockchain.”
• GRVT plans global expansion, aligning with MiCA and ADGM for broader regulatory approval.

GRVT, a hybrid cryptocurrency exchange founded in 2022 and pronounced “gravity,” has achieved a groundbreaking milestone by becoming the world’s first regulated decentralized exchange (DEX).

The exchange secured the Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA), positioning itself at the forefront of the decentralized finance (DeFi) industry.

GRVT aims to become the ‘Goldman Sachs on blockchain’

GRVT aims to redefine the financial landscape by offering a scalable, decentralized marketplace that empowers individuals and institutions alike. With a vision to become the “Goldman Sachs on blockchain,” GRVT brings institutional-grade expertise to DeFi.

The exchange’s hybrid model combines off-chain order matching with on-chain settlements, achieving a throughput of 600,000 transactions per second (TPS).

By acquiring the Class M Digital Asset Business License, the DEX sets a new standard for integrating blockchain technology with regulatory compliance, paving the way for greater institutional and mainstream adoption.

The Class M license, granted under Bermuda’s Digital Asset Business Act (DABA), allows GRVT to operate as a regulated digital asset derivative exchange. While the platform will initially serve select corporate customers, it is actively working towards fulfilling pre-operational conditions to formally launch its services.

GRVT plans to upgrade to a Full Class license in future, enabling it to expand its global operations further.

As part of its broader strategy, GRVT is engaging with regulatory frameworks in multiple jurisdictions, including the European Union’s MiCA and Abu Dhabi Global Market (ADGM).

By aligning innovation with regulatory clarity, GRVT is setting a precedent for the future of DeFi, fostering trust, transparency, and accessibility for all.

Bermuda’s reputation as a leader in digital asset regulation

The Premier of Bermuda, E. David Burt, emphasized that GRVT’s licensing reflects the country’s commitment to fostering innovation while maintaining robust regulatory oversight.

Similarly, Kendaree Burgess, Managing Director of the Bermuda Business Development Agency (BDA), lauded the achievement as a testament to Bermuda’s role as a global financial hub.

GRVT’s co-founder and CEO, Hong Yea, underlined the importance of regulatory compliance in earning the trust of institutional players. He stated, “Compliance should be the foundation for crypto and DeFi, not an afterthought. Without it, bringing revolutionary technologies to the mainstream becomes nearly impossible.”

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