The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    216.73.217.6

    Turkish President Announces New Crypto Bill to Legalize Virtual Assets

    n-img-tur

    Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will be created to secure cryptocurrency industry in the country.

    Tayyip Erdogan, the President of Turkey stated in a press conference that he expected that the country will move forward with a new economic model, and as a first step, the cryptocurrency market will be touched by legislating new laws and regulations to promote virtual asset’s legit use in the nation. He also highlighted his interest in cryptocurrencies. 

    “We will take steps on this issue by sending (the bill) to Parliament without delay. Turkey will make a leap forward with its new economic model. It is worth taking these risks. Citizens will know that their money is guaranteed by the central bank, the guarantor of the country’s treasury,” he said.

    However, the Turkish parliamentary decision emerged as a surprise for the nation as it has not been crypto-friendly in the past. Back in September 2021, President Erdogan commented at a press conference that he didn’t rule out the nation’s stance on virtual currencies, yet didn’t actually intend to promote crypto adoption. The President’s comets were aligned with the Central Bank of Turkey stance, which published measures to ban the use of cryptocurrencies as a payment gateway. The content of banning digital currencies was made crystal clear and even warned of damages for individuals as well as businesses involved in cryptocurrency operations.

    “Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance.”

    However, coins flipped and the government’s as well as Central Bank of Turkey’s stance changed. Turkey Parliament to weigh in on new cryptocurrency bill to regulate the virtual assets and Virtual Asset Service Providers (VASP) in the nation. Now, VASPs can safely operate in the country. A legal framework designed to increase transparency and enhance the auditability of the cryptocurrency exchanges and platforms will be delivered to parliament for approval. In addition to this, the secondary framework is to create for blockchain industry growth. However, this bill does not include 40% tax on cryptocurrencies, according to Mustafa Elitas, a parliamentary leader of ruling Justice and Development Party (AKP). He also tweeted on December 6, 2021, that the upcoming bill will be “aimed at regulating the [local cryptocurrency] system, preventing malicious acts, protecting investors, and countering grievances.”

    A meeting was also held in which 13 cryptocurrency executives, government and financial industry officials shared their views. Elitas stated the entities who attended will prefer a skeleton framework to facilitate rapid changes in the ever-growing crypto industry. The government also aims to establish a central custodian bank to eliminate counterparty risk.

    Suggested Read: Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime

    Related Posts

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Explore More

    News

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

    United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

    United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

    News

    UK Parliament Legislates New Digital Identity Verification Services Bill

    On Wednesday, in the King’s Speech, the UK government presented a new Digital Identity Verificati...

    UK Parliament Legislates New Digital Identity Verification Services Bill Explore More

    News

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

    Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

    Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

    News

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

    Singapore and Europe have emerged with enhanced AML requirements for corporate services businesse...

    Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Explore More

    News

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

    On Friday, an international financial watchdog committed to securing the global economic system a...

    Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Explore More

    News

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

    FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

    FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

    News

    Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

    Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

    Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

    News

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

    International financial watchdogs have imposed a fine of over $500 million on TD Bank, Adelaide C...

    Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started