🔥🔥🔥 REGULATIONS FOR CRYPTO ASSETS GAINING MOMENTUM GLOBALLY‼️

#Bitcoin#
Regulatory efforts on cryptocurrencies are rapidly continuing worldwide. The draft law expected to be discussed in the Turkish Grand National Assembly will require cryptocurrency service providers to obtain permission from the Capital Markets Board (SPK). Those operating without permission will face 3-5 years of imprisonment and heavy fines. In addition, managers who commit embezzlement will face 8-14 years of imprisonment. Foreign cryptocurrency service providers will be required to terminate their operations in Turkey within three months. One percent of the platforms' annual revenue will be transferred to the SPK, and another one percent will be transferred to TÜBİTAK.
Crypto asset regulations worldwide have gained momentum since last year. The G20 Roadmap, accepted at the G20 Leaders Summit, established a comprehensive policy framework for crypto assets. The Financial Action Task Force (FATF) updated its guidelines to draw attention to money laundering risks. According to the Atlantic Council's research, crypto assets are legal in 31 out of 60 countries, partially banned in 20 countries, and completely banned in 9 countries.
The EU has adopted the first legal framework regulating crypto markets with the Markets in Crypto-Assets Regulation (MiCA). In the US, there are different applications among states. The "Financial Innovation and Technology for the 21st Century" bill, prepared by Republicans, has been approved in the House of Representatives and is expected to be voted on in the Senate.
In Russia, a decree allowing the use of digital financial assets in international payments has been approved. While cryptocurrency trading and mining have been banned in China, Hong Kong is accelerating its efforts to become a hub for crypto assets.
The United Kingdom is making regulations on money laundering and sales to financial consumers, while Germany has introduced separate regulations by defining crypto assets outside the scope of existing financial asset definitions. On the other hand, France, Switzerland, the United Arab Emirates, Singapore, and Malta are competing to become "hubs" by implementing flexible regulations for cryptocurrencies.
🔥 As a result, regulations on crypto assets are shaped by countries' efforts to protect their financial systems and promote innovative financial technologies. Each country develops strategies tailored to its own economic and legal infrastructure❗️

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