New York Bans CoinEx While Seizing Crypto Assets

Turkey crafts new crypto regulations with FATF grey list removal objectiveIn an effort to secure removal from the Financial Action Task Force’s (FATF) “grey list,” Turkey is in the process of crafting new regulations governing crypto assets.The FATF, established by the Group of Seven (G7) advanced economies, serves as a guardian of the international financial system. It’s an international organization dedicated to combating financial crimes, which added Turkey to its “grey list” in 2021. In 2019, it cautioned Turkey about significant deficiencies in procedures for freezing assets linked to terrorism and the proliferation of weapons of mass destruction.Photo by Michael Jerrard on UnsplashCrypto compliance for FATF upgradeTurkish Finance Minister Mehmet Simsek recently discussed this matter with a parliamentary commission, according to a report published by Reuters. Simsek highlighted the FATF’s evaluation of Turkey’s adherence to 39 out of the 40 standards set by the organization. The single outstanding issue pertains to crypto assets, and Simsek revealed plans to introduce a crypto assets law in parliament to address this concern. However, he did not delve into specific legal changes.The Turkish government is taking action to align with international standards and remove the shadow of the “grey list.” The Turkish Presidential Annual Program for 2024, as published in the Official Gazette of the Republic of Turkey on October 25, outlines a commitment to establish comprehensive cryptocurrency regulations in the country by the end of 2024. Within the extensive 500-page document, Article 400.5 sets the goal of providing clear definitions for crypto assets, potentially subjecting them to taxation in the future.Additionally, the document seeks to establish legal definitions for crypto asset providers, including cryptocurrency exchanges. However, it refrains from specifying the finer details of the upcoming regulatory framework.Crypto popularityTurkey has been an outlier in terms of cryptocurrency use by comparison with many of its international peers. A report by KuCoin earlier this year validated that reality, indicating a significant increase in the number of crypto investors in Turkey over the course of the previous 18 months. In the aftermath of a devastating earthquake which hit the country on Feb. 6, crypto was reported to have been used as a means to get aid to those affected quickly and easily.However, developments in the crypto space have also included difficulties. It was reported in July that the use of crypto for the earthquake relief effort in Turkey was also being used as a cover by an affiliate of the terrorist group ISIS to launder money and receive funding. Turkish users of the Thodex crypto exchange platform were the victims of fraud in 2021, with the founders of that business having been sentenced for that fraud in September. In 2021 the country moved to ban crypto payments against a background that has seen the Turkish lira experience hyper-inflation.CBDC developmentTurkey’s central bank has been making strides in the digital currency arena, successfully conducting the initial trial of its central bank digital currency (CBDC), the digital lira, by December 2022. The central bank has expressed its intention to continue testing and exploring digital currency development throughout 2024.The move to enhance regulation and compliance in the crypto sector in Turkey aligns with global efforts to ensure transparency and accountability in financial systems.

Singapore’s MAS gears up for live CBDC pilotThe Monetary Authority of Singapore (MAS) has unveiled plans to initiate a live central bank digital currency (CBDC) pilot for wholesale interbank settlement in 2024.Photo by Sergio Sala on UnsplashMoving beyond simulationThis pilot will move beyond simulation, involving the actual utilization of a live wholesale CBDC for settling payments between commercial banks. Furthermore, MAS indicated that upcoming pilots may extend to leveraging wholesale CBDCs for the settlement of cross-border securities trade.MAS Managing Director Ravi Menon expressed the significance of this move, stating:“The ‘live’ issuance of central bank digital money for use as a common settlement asset in payments is a significant milestone in MAS’ digital money journey that began in 2016. The issuance of wholesale CBDC reinforces the role that central bank money plays in facilitating safe and efficient payments.”Orchid BlueprintThis announcement is a key component of the Orchid Blueprint, a comprehensive plan detailing the infrastructure essential for facilitating the pilot and future developments. In addition to the wholesale CBDC initiative, the Orchid Blueprint outlines the expansion of trials to encompass tokenized bank liabilities and regulated stablecoins, solidifying Singapore’s commitment to fostering innovation in the digital finance space.As part of the Orchid Blueprint, MAS is set to create a settlement ledger to record digital money transfers. This ledger will incorporate features like programmability and atomic settlement of digital tokens. To enhance user experience, a “Name Service” for customer-friendly wallet addresses and name identifiers is on the agenda. Additionally, a tokenization bridge will be developed to connect existing account-based settlement systems with ledgers compatible with tokenized forms of digital money.Purpose-bound moneyThe Orchid Blueprint introduces a “programmability protocol” based on the concept of “purpose-bound money” (PBM). PBM, a concept considered by the MAS in a whitepaper that it published earlier this year, allows for the specification of certain conditions for the use of digital money, enabling automation of transactions and predefined conditions for settlement. This innovative approach empowers centralized planners to define the conditions for usage, bringing a new level of flexibility to the digital financial landscape.This development aligns with the broader trend of increasing institutional interest in digital currencies and blockchain technology. The move towards live CBDC pilots, tokenization and stablecoins underscores Singapore’s commitment to staying at the forefront of financial innovation. As the Orchid Blueprint unfolds, it sets the stage for a dynamic and technologically advanced financial ecosystem, reinforcing Singapore’s position as a leader in the global digital finance arena.In a related move within the region, crypto firm Paxos recently announced plans to launch a new USD-backed stablecoin in Singapore, receiving in-principle approval from MAS to issue the stablecoin. Meanwhile, International Monetary Fund (IMF) Managing Director Kristalina Georgieva outlined in a keynote speech at the Singapore FinTech Festival earlier this week that CBDCs not only could replace cash but also improve financial inclusion.These concurrent developments indicate the growing convergence of traditional financial systems with the expanding digital currency landscape.

CarrieVerse token CVTX listed on BitgetWeb3 metaverse and NFT platform CarrieVerse’s governance token CVTX will be listed on global cryptocurrency exchange Bitget on Dec. 13, according to an article published by South Korean news outlet Money Today. This is the eighth exchange listing for the altcoin, following Gate.io, GOPAX, BingX and more. This comes as part of the platform’s efforts to expand its Web3 ecosystem.Photo by Maxim Hopman on UnsplashCVTX’s versatilityBuilt on Polygon, CVTX is integrated into the tokenomics ecosystem of CarrieVerse and its card strategy role-playing game (RPG) SuperKola Tactics. It is also the governance token for the CarrieVerse blockchain gaming platform Cling. CVTX can be traded for USDT on all of the exchanges it is listed on except for GOPAX, which offers a CVTX/KRW pair. KRW stands for Korean won.Global expansionLast month, CarrieVerse also joined the Dubai Multi Commodities Centre (DMCC), the UAE’s largest free-trade zone for blockchain and crypto companies, as a metaverse service provider. The platform has received approval to set up a local subsidiary there, which will serve as a base to expand its ecosystem, particularly in the Middle East and North Africa (MENA) region.“The market value of CarrieVerse and CVTX is expected to significantly increase once the platform is released in target regions. This will serve as a foundation for more listings on major domestic and international exchanges,” the company said, adding that its number of daily active users has exceeded 5,000.Bitget’s substantial presenceBitget is a cryptocurrency derivatives exchange registered in Seychelles, with global offices in Japan, South Korea, Canada and more. As one of the top ten derivatives exchanges in the world according to CoinMarketCap, Bitget handles over five million users and more than 500 cryptocurrencies. It is also registered on South Korea’s two largest exchanges, Upbit and Bithumb, as a market that facilitates deposits and withdrawals after the implementation of the crypto Travel Rule. The Travel Rule, enforced by the intergovernmental Financial Action Task Force, states that VASPs must share personal information about customers when facilitating crypto transactions that exceed a certain amount as a means of preventing related crimes.