ANOTHER STATEMENT FROM MEHMET ŞİMŞEK ABOUT THE REGULATION ON CRYPTO ASSETS:

According to the news made by Anadolu Agency on 10 January 2024, Minister of Treasury and Finance Mehmet Şimşek made some statements about the legal regulations regarding crypto assets. According to the news, Minister Şimşek stated that the technical details of the legal regulation have reached the final stage and stated that the interest in the trading of crypto assets has increased during the pandemic. However, stating that this situation brings its various risks, Şimşek stated that they have taken steps to reduce these risks in accordance with international regulations and that this is important in order to delisted from the grey list under FATF. Noting that the main objective of the study on legal regulation is to regulate the platforms and the transactions carried out on the platforms, Şimşek said, "Crypto asset trading platforms will be licensed by the Capital Markets Board (“CMB”) and obligations regarding minimum operating conditions will be introduced. These conditions; requirements for founders and managers, capital requirements, organizational requirements, and obligations regarding information processing infrastructure. The details on the subject will be determined by secondary regulation. He also stated that the definitions included in the regulation are intended to be created in the most inclusive manner in accordance with international regulations. In addition, Minister Şimşek stated that the tax issue is not the main focus of the regulation and that this issue will be studied separately, and that the CMB has been authorised to determine additional principles and principles regarding the current regulation.

JAPANESE E-COMMERCE APPLICATION ALLOWS PAYMENT WITH BITCOIN:

The e-commerce platform Mercari, which generally sells second-hand goods and similar products and has more than 22 million active users, announced that it will offer its users the opportunity to pay with Bitcoin. Product prices will still be shown in Japanese Yen, but payments can be made in Bitcoin. The system for Bitcoin payments is planned to be implemented by June. Payments to be made in Bitcoin will be made through Melcoin, a Tokyo-based subsidiary of the company. In this context, Melcoin will serve as an intermediary that transfers Bitcoin to the seller in Japanese Yen. Mercari had previously established a platform that allows Bitcoin trading. In this context, the company continues to take steps regarding crypto assets.

APPLE HINDERS CRYPTO-ASSET PROVIDERS:

Technology giant Apple has removed some service providers, including Binance, from the App Store in India, one of the countries where crypto assets are traded the most. In addition to Binance, it is stated that the applications of service providers such as Kucoin, OKX, Huobi, Kraken, Gate.io, Bittrex, Bitfinex have also been removed from the App Store. Indian citizens will no longer be able to access these service providers, which allegedly do not operate as regulations in the country, through Apple. The reason for the removal of the applications from the App Store in India is that the Financial Intelligence Unit (FIU), one of the country's regulatory agencies, requested the Ministry of Information Technology to block access to the platforms in question. In addition to the request to block the "URLs" of the relevant platforms, Apple was also requested to remove the platform applications. However, the apps are still available on the Google Play Store.

OKX COMPLIES WITH UK REGULATIONS:

Crypto asset service provider OKX has published a notification that it will comply with the regulations introduced by the UK Financial Conduct Authority (FCA). According to the published information, it was stated that there will be significant changes in the use of OKX. Accordingly, users must pass two surveys under the name of customer categorization and suitability assessment. Within the scope of these surveys, investors' profiles are classified, users are informed about some risks, and investors are asked a number of questions about investing in crypto assets.

CENTRAL BANK OF SPAIN SELECTS PARTNERS FOR CBDC TESTS:

The Bank of Spain has selected the institutions to cooperate in the tests for the central bank digital currency (CBDC). Among the 24 applications made on the announcement made last year, the Central Bank selected 3 companies named Cecebank, Abanca and Adhara Blockchain. Within the scope of the pilot application, which will be carried out in the next 6 months, a simulation will be made in the form of a single tokenized CBDC of interbank payments and the exchange of other CBDCs issued by different central banks. In addition to this test, an experiment will also be conducted in which the CBDC will be used to pay a tokenized bond.

JAPANESE GOVERNMENT AMENDS CRYPTOCURRENCY TAXES:

In Japan, the government will make changes to the regulation on taxes to be obtained from cryptocurrencies. Accordingly, with the planned change, companies will be under the obligation to pay tax only on realized gains from their earnings from cryptocurrencies. No tax will be due unless the gains are realized. Only the earnings obtained through the sale of owned cryptocurrencies will be subject to tax. The amendment is expected to enter into force on April 1^st, 2024, the beginning of Japan's fiscal year. However, before that, this change must be approved by the parliament.

SOUTH KOREA SEEKS TO RESTRICT CRYPTO ASSET TRANSACTIONS USING CREDIT CARDS:

South Korea foresees a number of risks for its citizens to carry out crypto asset trading transactions with credit cards. According to the announcement made by the Financial Services Commission (FSC) on January 3^rd, 2023, it is stated that in the purchase of crypto assets from foreign crypto asset service providers, illegal money outflows from the country may occur and some risks may arise in money laundering. The FSC recommends changes to the credit finance laws in the country. According to the news, public opinion is being sought for the proposal, which is still in the form of a proposal at this stage. Then, it is planned to take action for implementation in the first half of 2024.

TRADING VOLUME IN CRYPTO EXCHANGES EXCEEDED 1 TRILLION DOLLARS IN DECEMBER:

The crypto asset market, which has undergone turbulent periods in recent years, exceeded $ 1 trillion in trading volume in the last month of 2023, crossing the $ 1 trillion threshold for the first time since September 2022. It is stated that the reason why the transaction volume reached this level again after 1 year is the expectation that the SEC, the US financial regulatory agency, will accept Bitcoin spot EFTs. On the other hand, although the trading volume has exceeded $ 1 trillion after a long break, it is still far from the all-time high volume of $ 4.19 trillion in May 2021.

PARIBU HAS BECOME THE TAX RECORD HOLDER IN ITS FIELD OF ACTIVITY:

The technology company Paribu, a cryptocurrency trading platform, has been named the most taxpaying company in its field of activity in the 2021-2022 corporate tax list announced by the Revenue Administration on 3 January 2024. Paying approximately 700,000,000 Turkish lira corporate tax in 2021, Paribu ranked 23rd among the 100 taxpayers who declared tax in this field. At the same time, Paribu is among the top 10 companies in the ranking of companies providing services in the field of finance. Commenting on the issue, Yasin Oral, CEO of Paribu, said, "Paribu leads the sector in every field. With the trust of more than 6 million users, we will continue our success by acting accurately, transparently and in accordance with our values and responsibilities."

DIGITAL TURKISH LIRA PHASE ONE EVALUATION REPORT PUBLISHED:

The first phase evaluation report of the Digital Turkish Lira Project conducted by the Central Bank of Republic of Türkiye (“CBRT”) was published on the CBRT website. In the report, it was announced that the findings of the R&D studies and the first phase carried out with the Digital Turkish Lira Collaboration Platform stakeholders and the approaches adopted in the project were shared. The 63-page report consists of definitions, central bank digital currency requirements, principles and approaches, digital Turkish lira design, findings and evaluations, next phases and conclusion.

GUIDANCE ON THE USE OF ARTIFICIAL INTELLIGENCE BY JUDGES IN THE UK:

The UK Judicial Office published a guidance dated 12 December 2023 on the use of artificial intelligence in judicial activities. The guidance was prepared by a group of members of the judiciary to assist members of the judiciary. It is noteworthy that the guidance was published despite examples where artificial intelligence has led to bad results in the legal system. The UK Judicial Office, which supervises judges, has published a guidance that reveals how artificial intelligence can be useful in judicial activities. The guidance warns not only the judges, but all the elements involved in the entire judicial activity to be alert to potential risks. It is stated that public versions of AI tools are inherently publicly accessible and therefore no private/confidential information should be entered into them. The guidance also highlights areas where the use of AI is not recommended. For example, it is recommended not to use AI for legal research and legal analysis, as it is weak in finding new information that cannot be independently verified. The report also provides some clues to recognize when a petition has been drafted by AI. According to the statement, as AI technology continues to develop, this study will be reviewed and questions and feedback from members of the judiciary will be considered.

DECISION OF THE TURKISH PERSONAL DATA PROTECTION BOARD ON CRYPTO ASSET SERVICE PROVIDERS:

According to the decision of the Personal Data Protection Board (“Board”) published on 27 December 2023, a complaint was filed on the grounds that a crypto asset service provider processed personal data more than necessary and disproportionately by requesting the photograph of the front and back of the ID card of the persons together with their own photograph to upgrade the membership level on its platform. As a result of the investigation, it was determined that the services offered by the company can be used up to a certain limit with a standard membership (T.R. ID number, name, surname, mobile phone, date of birth and e-mail address information), and for advanced membership, which is required to perform certain transactions such as withdrawing cryptocurrencies, it is necessary to share the front and back side of the ID card and a photograph of a piece of paper on which a certain statement and the date of the day are written together with the photograph. In its assessment, the Board drew attention to the company's field of activity and stated that there is a possibility of money laundering in the crypto asset sector in general. Accordingly, the Board did not take any action regarding the complaint, stating that there is a public interest in identifying the identity of the users in this way, that it is based on the processing condition of "expressly provided by the law" and that it is in accordance with the law.

SPOT: BITCOIN IS CAUSING A STIR IN THE US AS 2023 DRAWS TO A CLOSE:

In the last weeks of the year, the US Securities and Exchange Commission (“SEC”) received spot Bitcoin ETF applications from many companies. Spot ETF (Spot Exchange-Traded Fund) is a tool that allows investors to take a position in an asset or group of assets without physically owning them. Thus, if approved by the SEC, exchange-traded funds that invest directly in Bitcoin will be traded. The decision on Spot Bitcoin ETF applications is expected to be made in the first days of January. RK Invest, BlackRock, Grayscale and 21Shares are among the companies applying for Bitcoin ETF. 7RCC, on the other hand, draws attention with its application for a spot Bitcoin ETF application focusing on environmental, social and governance (ESG) principles. Experts state that if SEC approval is granted as expected, this will be a milestone for crypto investors.

BLOCKCHAIN IS INCREASINGLY BEING ADOPTED IN THE FINANCIAL SECTOR:

By the end of 2023, it is seen that blockchain is increasing its weight in the financial sector despite many reservations. Major financial institutions such as JPMorgan, HSBC and Franklin Templeton are increasing their blockchain-related activities, accelerating the pace of distributed ledger technology (DLT) adoption within traditional finance systems. For example, JPMorgan conducted its first DeFi transaction on a public blockchain in November. HSBC also tested tokenized deposits in November and partnered with Ripple-owned technology firm Metaco to hold tokenised securities on its custody platform. Franklin Templeton executive Sandy Kaul stated that global traditional financial markets would be reshaped for the first time ever.

2023 WAS THE YEAR OF BITCOIN'S RISE:

Bitcoin has gained approximately 165 per cent this year after the previous two challenging years. Shares such as Coinbase, MicroStrategy and Grayscale Bitcoin Trust, which are closely linked to cryptocurrencies and traded on the stock exchange, outperformed Bitcoin, gaining more than 300%. Even some Bitcoin mining companies attracted attention by rising approximately 700%. Bitcoin's share in the crypto market also rose above 50%, while the value of the crypto market in general nearly doubled compared to the end of 2022, reaching $ 1.7 trillion.

EUROPEAN PARLIAMENT BRIEFING REPORT ON THE USE OF BLOCKCHAIN AND CRYPTO ASSETS:

On 13 December 2023, the European Parliament published a briefing on its official website, named "Understanding Crypto Assets: The Use and Challenges of Blockchain Technology". The briefing aims to provide an overview of the areas of usage and challenges of distributed ledger technology ("DLT"), which is now more than 10 years old, based on the information published so far. The report emphasizes that blockchain applications, especially cryptocurrencies, have become very popular, but many people still do not know how this technology works. It is stated that there are various dimensions of blockchain, such as tokens (values in the digital ledger), tokenization (using blockchain for existing assets) and smart contracts (predetermined computer programs that are self-executing when conditions are met); however, in order to understand each crypto asset, it is necessary to examine it specifically. The briefing points out that the use of blockchain for currencies (cryptocurrencies) was born from analyzing the shortcomings in the traditional financial environment. After more than a decade with cryptoassets, a number of controversial issues are addressed, from consumer protection to protecting the economy from criminal proceeds and the carbon footprint impact of cryptoassets.

2.85 BILLION SETTLEMENT BETWEEN BINANCE AND THE CFTC:

A federal court in the US has approved a settlement between Binance and its former CEO Changpeng Zhao and the Commodity Futures Trading Commission ("CFTC"). According to the statement made from the CFTC, the court found that Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations and imposed a $150 million fine against Zhao personally and ordered Binance to reimbursed $1.35 billion in transaction fees earned while conducting unregistered activities and to pay the same amount ($1.35 billion) as penalty to the CFTC. Binance also recognized that anyone wishing to become a new customer, whether through a primary or "sub-account", must complete KYC procedures. This decision was one of the most important sanctions taken against a crypto exchange up to today.

NEW MOVES FOR WEB3 FROM CHINA:

The Chinese central government has announced strategic plans to guide the development of China's Web3 ecosystem. Accordingly, Web3 technologies such as NFTs and DApps will be supported in multiple directions. Other important areas to focus on include cross-chain interoperability, data security and smart contracts. The government will also support organizations that will conduct technical research in these areas. China also aims to actively participate in global standardization activities related to Web3. Thus, it is thought that China's international influence and rule-making power will increase in Web3 development. On the other hand, China's Ministry of Public Security plans to implement a new blockchain-based platform called RealDID to verify the real identities of its citizens.

CRYPTO REGULATION FROM ARGENTINA'S NEW GOVERNMENT:

Javier Milei, the new president of Argentina, known for his pro-crypto stance in the election campaign and on the agenda with the decisions he took after taking office, continues his efforts to make Bitcoin more widely used. The government has announced a new draft law like tax peace regarding the assets that taxpayers have not declared to the public. Accordingly, crypto assets are among the assets that taxpayers must declare, just like cash or immovable assets. In this regard, citizens who declared their cryptocurrency assets before 31 March 2024 will be subject to a 5% tax rate for them; this rate is expected to increase to 15% as of 30 November 2024. Diana Modino, Argentina's Minister of Foreign Relations and International Trade, announced last week on her X account that they will now authorize contracts with Bitcoin and other crypto asset units in Argentina.

EPIC GAMES HAS CHANGED ITS POLICY TO ONCE AGAIN ACCEPT BLOCKCHAIN AND NFT GAMES:

Epic Games Store, the digital distribution store owned by Epic Games, announced that it will allow some blockchain games to be listed on its platform again. Some blockchain games were characterised as "Adults Only" ("AO") due to the possibility of offering the opportunity to exchange earned cryptocurrencies for "real money". Epic Games had removed AO-rated games from its platform. However, according to a recent announcement by the company, the policy has been changed. Accordingly, an exception is being made for blockchain and NFT games, despite their AO rating. However, these games still must comply with existing guidelines. On Steam, another major digital distribution platform, blockchain and NFT games have been banned since 2021.

CRYPTO ASSET "TRAVEL RULE" DRAFT GUIDELINE IN EUROPE:

The European Banking Authority (EBA) has published a draft guideline on preventing the misuse of funds and certain crypto asset transfers for the purposes of preventing the laundering of the proceeds of crime and the financing of terrorism. The draft guideline sets out the steps to be taken by companies providing services for the transfer of crypto and virtual assets in order to identify the required details to be completed in the transfers. According to the EBA's statement, the draft guidelines aim to ensure a consistent application of EU law and to establish a common code of conduct to strengthen the implementation of the AML and CFT regime. The Guidelines also include provisions to ensure that competent authorities can fully trace these cryptoasset transfers where necessary for detection or investigation in AML proceedings. The comment period on the Guidelines is open until 26 February 2024 (European Banking Authority).

CONSUMER COMPLAINTS REGARDING CRYPTO ASSETS IN CALIFORNIA:

The California Department of Financial Protection and Innovation (DFPI) has released some of the most common crypto asset complaints filed with the Office of Consumer Services. According to the statement, one of the most common incidents is consumers being tricked into transferring their crypto assets from a legitimate platform to scam platforms or wallets. Another common complaint is that consumers mistakenly transfer their crypto assets to wallets they do not recognise. The authority also announced that there has been an upward trend in complaints about crypto assets this year. (News Bitcoin)

EURO-BASED STABLECOIN IN FRANCE:

It was announced by Société Générale, one of France's largest banks, that they will be issuing a stablecoin that will be based on the European currency. Pointing out that existing major stablecoins are based on the US dollar, the bank announced that the euro should also be in this field. At the same time, the bank stated that this stablecoin has been designed to be used in various other transactions involving the transfer of bonds, digital funds and other assets to be used digitally. This means that this stablecoin will not only be used by the bank in its own systems, but also by other service providers. (Financial Times)

RONALDO GETTING SUED FOR NFT PROMOTION:

Famous footballer Cristiano Ronaldo has been sued for promoting and encouraging investment in NFTs on the crypto asset platform Binance. As a result of Ronaldo's advertising on Binance, a class action lawsuit was filed against him in Florida by users who invested on Binance and claimed to have suffered losses as a result of that investment. Binance entered into a long-term partnership with Ronaldo in 2022 to promote three NFT collections associated with the platform. The lawsuit alleges that Ronaldo's promotion of NFTs, which are considered unregistered securities, requires a licensed activity. (Finextra)

BLOCKCHAIN BILL APPROVED IN THE USA:

In the United States, the House of Representatives, in the session held on 5 December, approved the bill aimed at increasing the use of blockchain technology in the US by promoting blockchain applications. Under the Bill, a programme called the 'Blockchain Deployment Programme' will be established to support the use of blockchain technology. In addition to this programme, an advisory committee on the introduction of blockchain technology in the country will be established, which will be attended by representatives of federally represented institutions and experts working in the field of blockchain technology. In addition, if the Bill is adopted, studies will be conducted on the current use of blockchain technology by federal institutions and the institutions' ability to use this technology in the future. In order for the Bill adopted by the House of Representatives to become a Law, it will first need to be approved by the US Senate, and then the Bill will be debated again in the final stage then to be enacted into Law and will come into force on the specified date if it is approved by the US President in the final stage.

RENEWABLE ENERGY PROJECTS FROM TETHER:

In an interview with Cointelegraph, Tether's new CEO Paolo Ardoino, who was appointed on 1 December 2023, announced that Tether will build renewable energy facilities in Uruguay and El Salvador. He also explained that Tether is not just about USDT, but also about becoming an infrastructure provider. He stated that it makes sense to invest in renewable energy, especially for bitcoin mining, as fossil fuels are very expensive and the costs are unpredictable. Instead, the company plans to build hydroelectric plants in Uruguay and geothermal plants in El Salvador. (Coin Telegraph)

STANDARD CHARTERED BANK JOINS DIGITAL YUAN PROJECT:

Standard Chartered Bank (China) has become one of the first foreign banks to join the Digital Yuan pilot project, China's Central Bank Digital Currency (CBDC). Standard Chartered, which has been operating as an international bank in China for 165 years, said they are optimistic about the development prospects of the Digital Yuan and also foresee that the application areas of the CBDC will expand, including the operation of international commercial payments, trade finance and supply chain finance. With the Digital Yuan, China is one of the first countries in the world to work on CBDCs and conduct large-scale pilot projects. There are currently 26 Digital Yuan pilot projects ongoing across China. (News Bitcoin)

US TREASURY DEMANDS FOR MORE POWERS:

In a statement by US Deputy Treasury Secretary Wally Adeyemo, it was announced that the Treasury Department has asked Congress for "more tools and authority to combat illegal activities involving digital assets". In Adeyemo's statement, it was announced that the Treasury Department has asked Congress to create a secondary sanctions regime that would allow other companies that do business with the company to be sanctioned, in addition to sanctions that allow a company that acts illegally to be removed from the US financial system. (News Bitcoin)

BLOCKCHAIN ACADEMY BY THE UNITED NATIONS:

The United Nations Development Programme, together with the Algorand Foundation, aims to establish a Blockchain Academy in the first quarter of 2024. The aim of the Blockchain Academy is to provide information to UNDP staff on the applications of blockchain technology. The training materials prepared within the framework of the Academy will be made available to the staff of the United Nations units, which cover 22,000 people. The programmes to be held within the academy will evaluate the scope of application of blockchain technologies to achieve sustainable development goals within the United Nations, and aim to create new solutions. (Algorand Foundation)

FAILURES OF WEB3 GAMES:

According to a study conducted by Coingecko, of the 2,817 WEB3 games established between 2018 and 2023, 2,127 failed and were not actively used, while only 690 were still actively used. Analysing the failure rate of published games by year, it was 94.3% in 2019 and 94.4% in 2020, showing the lowest levels of game success. In 2021, 339 of the 738 games published with WEB3 support failed, a failure rate of 45.9%. The research found that the most popular active games were Decentraland, The Sandbox and Axie Infinity. (Coingecko)

BITCOIN AND RENEWABLE ENERGY RESEARCH:

According to a new study conducted by researchers at Cornell University, bitcoin can be used to finance renewable energy facilities. The study explains that although the renewable energy facilities are not yet connected to the general US power grid, bitcoin can be used in bitcoin mining by using the existing power that can be generated in the development phase before commercialisation, where it can generate energy and thus add value and help in the development and financing of these facilities. The research found that Texas is one of the states with the most potential regarding this process in the US. (Cornell University)

BINANCE CEO RESIGNS UNDER THE AGREEMENT WITH THE US:

As part of the investigation carried out in the United States, Binance and its CEO Changpeng Zhao were accused of violating anti-money laundering laws. The US Department of Justice claimed that Binance failed to prevent and report suspicious transactions with terrorists. In this context, Zhao, who appeared in court on 21.11.2023, admitted the crimes attributed to him.

In accordance with the agreement made between Binance and US authorities, Zhao resigned from his position at Binance. Following the resignation, Richard Teng took over as CEO. It was also agreed that Binance would pay a total fine of $4.3 billion to the Treasury Department's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC.

US Treasury Secretary Janet Yellen said in her statement: "Binance's intentional errors allowed money to flow to terrorists, cybercriminals and child abusers through the platform." Zhao said in his statement on his X account: "I made mistakes and I must take responsibility." (Forbes)

A STATEMENT ON THE REGULATION OF CRYPTO ASSETS CAME FROM GOVERNMENT OFFICIALS:

AK Party Deputy Chairman of Information and Communication Technologies Ömer Ileri spoke about regulatory efforts regarding crypto assets. Ileri stated that a draft study on crypto assets is currently being prepared.

In his interview with Anadolu Agency, Ileri stated that they met with the leaders of the industry on the issue and their opinions were taken into account during the regulatory works on crypto assets.

Referring to the fact that regulatory studies on crypto assets have just emerged, Ileri said, "There is an intense interest in crypto assets in Turkey, so we have to protect our citizens, but on the other hand, we are working to not obstruct the sector." (AA)

CRYPTO ASSET CUSTODY LICENCE GRANTED TO COMMERZBANK IN GERMANY:

Frankfurt-based German bank Commerzbank has announced that it has been granted a licence to provide crypto asset custody services. In its announcement, the bank said that it is the first German bank to receive this licence under the German Banking Act (KWG). Thanks to the licence, the bank plans to offer a wide range of services related to digital assets, in particular crypto assets. As a first step in this process, it is planned to establish a secure custody platform in accordance with the legislation for crypto assets based on blockchain technology.

In the statement, the bank officials said, "Our licensing shows that we have passed an important milestone, this underlines our ongoing commitment to implement the latest technologies and innovations and forms the basis for supporting our clients in the field of digital assets." (Commerzbank)

THE SEC HAS ANNOUNCED ITS SANCTIONS RESULTS FOR 2023:

America's Securities and Exchange Commission SEC published its enforcement report for 2023. In the published press release, the SEC stated that it filed a total of 784 enforcement actions in the 2023 fiscal year, imposed a total of $ 5 billion in fines in this context, and paid a total of $ 1 billion to the damaged investors.

Regarding the crypto asset sector, in addition to the bankrupt crypto asset service provider FTX, widespread service providers such as Binance and Coinbase were among the service providers under scrutiny. (SEC)

ACCESS TO COINBASE IN KAZAKHSTAN HAS BEEN BLOCKED:

The Ministry of Culture and Information of Kazakhstan blocked access to Coinbase in accordance with the Law on Digital Assets in the Republic of Kazakhstan, which came into force in February 2023. The access block request came from the Ministry of Digital Development on the grounds that the 5th paragraph of Article 11 of the Digital Assets Law was violated.

In accordance with the violated article, the issuance and circulation of unsecured digital assets, as well as the activities of crypto exchanges for such assets, are prohibited in Kazakhstan. Coinbase was also blocked due to violating this ban.

On the other hand, the Astana Financial Services Regulatory Committee (AIFC), the organization authorized to license crypto asset service providers in Kazakhstan, has so far granted operating permits to 7 organizations, including service providers such as Binance and Bybit. In order for organizations to operate in the region, they must obtain a license from AIFC by carrying out activities in accordance with the legislation. (Kursiv Media)

IOSCO HAS PUBLISHED ITS REPORT ON CRYPTO AND DIGITAL ASSETS:

The International Organization of Securities Commissions (IOSCO) published its report titled Policy Recommendations for Crypto and Digital Asset Markets. The report, which has 18 recommendations in total, covers conflicts of interest arising from vertical integration of activities and functions, market manipulation, trading with "insider" information and fraud, cross-border risks and regulatory cooperation, custody and protection of customer assets, operational and technological risk, retail access. It covers main topics such as availability and distribution. It is also stated that the report is designed to address concerns about market integrity and investor protection arising from crypto asset activities. (IOSCO)

CENTRAL BANK OF GEORGIA PARTNERS WITH RIPPLE FOR DIGITAL LARI:

The Central Bank of Georgia (NBG) will make a technology partnership with Ripple for the Digital Lari project, which is being carried out as a pilot.

As part of the pilot project, Ripple will test potential applications of Dijtal Lari and evaluate its practical use cases to measure potential benefits for the public sector, businesses (private sector) and retail users.

Regarding the subject, Natia Turnava, Member of the Board of Directors of the Central Bank of Georgia, said, "We are pleased to choose Ripple as the official technology partner for our Digital Lari pilot project," while James Wallis from Ripple said, "This pilot application will further advance the use of blockchain technology in the public sector." "It will pave the way," he said. (Ripple)

SPANISH BANK SANTANDER STEPS IN TO TRADE BITCOIN AND ETHEREUM:

Santander Private Banking International, the international organisation of the Spanish bank Santander, is setting up a system that will allow its customers with accounts in Switzerland to trade Bitcoin and Ethereum. For the moment, this service is only available to high-wealth customers, but it was stated that this service could become widespread in the next period.

John Whelan, Santander's Head of Crypto and Digital Assets, said, "The regulations in Switzerland on digital assets are one of the first and most advanced regulations in the world. As owning crypto assets becomes widespread, we expect our customers to rely on their existing financial institutions." (CryptoPotato)

JOINT COMMITMENT BY 48 COUNTRIES TO TAX CRYPTO ASSETS:

OECD Secretary-General Matthias Cormann has welcomed the announcement that 48 countries have made a joint commitment to reporting and information exchange under the Crypto Assets Reporting Framework (CARF), published in October 2022.

The OECD, which was mandated by the G20 countries in April 2021 to create a framework for the exchange of information and documents on crypto assets, published a framework called the Crypto Assets Reporting Framework (CARF) in October 2022. CARF sets standards for the automatic exchange of information between tax authorities.

In this way, countries will work together to prevent tax evasion and loss of public revenue.

In a statement, Matthias Cormann said that the commitment of countries to coordinate information exchange under CARF "is an important milestone in the fight against tax evasion" and "we welcome the broad support for swift action to make the international exchange of information collected under the OECD standard on reporting crypto assets a reality". (OECD)

CRYPTO-FRIENDLY CANDIDATE WINS ARGENTINIAN ELECTIONS:

In Argentina, which has been struggling with the economic crisis for some time, Javier Milei won the presidential election in the second round with around 56% of the vote, according to provisional results. The new president, Milei, is known for his crypto-friendly statements and positions, both during the election campaign and in previous periods.

In his statements, Milei has stated that bitcoin is a way to protect against the destruction caused by inflationary environments. In addition, Milei has made some statements that "Bitcoin represents the return of Bitcoin to the private sector, the original creator of money". (CoinDesk)

According to a statement by Botswana's President Mokgweetsi Masisi, blockchain technology is one of the innovative solutions that can be used in the global diamond industry to prevent illegal practices, known as "blood diamonds", in the production of diamonds and to ensure that companies operating in this way are excluded from the supply chain. According to Masisi's statement, the use of blockchain technology can not only give consumers confidence, but also enable them to make more conscious choices regarding the source of their diamonds. "The use of blockchain technology, with such irreversible timestamps, will also encourage companies to act responsibly throughout their supply chain."