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Monday, 29 January 2024 - Monday, 19 February 2024

Crypto And Technology Highlights This Week

Regulations in Nigerian exchanges, Ronaldo and NFT encounter, final stages of crypto regulations in Türkiye, and more!

Economic Coordination Board Convenes on Crypto Asset Regulations

During the meeting of the Economic Coordination Board, evaluations were conducted on different topics, including the draft of crypto regulations.

The Economic Coordination Board meeting, chaired by Vice President Cevdet Yılmaz, took place with the participation of Minister of Treasury and Finance Mehmet Şimşek, Minister of Industry and Technology Mehmet Fatih Kacır, Minister of Trade Ömer Bolat, Minister of Agriculture and Forestry İbrahim Yumaklı, and CBRT Governor Hafize Gaye Erkan.

Details regarding the upcoming crypto regulation, expected to be presented to the parliament in the coming days, constituted the main agenda item of the meeting. Requirements for crypto service providers operating in Türkiye were discussed, and it is known that conditions similar to traditional financial organizations will be imposed on the crypto industry. This may necessitate a restructuring of all crypto-related activities. The details of the regulations have not yet been revealed, but more detailed information is expected to be shared with the public soon.

Local Nigerian Exchanges Facing Issues with Crypto Licensing Requirements (VASP)

Experts indicate that the country's exchanges are experiencing challenges in complying with the SEC's crypto licensing requirements.

As known, the SEC continues its efforts and steps in crypto regulations. As a result, Nigerian exchanges may need to revise VASP guidelines to comply with crypto licensing requirements. We mentioned ongoing efforts in Türkiye above. In many countries, including Nigeria and Türkiye efforts are underway concerning the global adoption of crypto assets.

For Nigeria, the situation involves obtaining a VASP license from the SEC for exchanges to be registered. The conditions are causing concerns for the exchanges. This situation may hinder progress shortly.

Ophi states that the majority of local Nigerian exchanges cannot meet the capital requirement of 500 million Naira (556,620 dollars). This could potentially lead to foreign exchanges operating in the country. With this, local exchanges are worried about the shift of the market to foreign exchanges. Paul, the legal representative of Nigerian Web 3.0, states that Nigerian exchanges will have to come together to meet these conditions. Paul believes that the SEC needs to review the crypto licensing requirements and points out that these rules are more favorable for foreign exchanges but quite challenging for local ones.

Nigeria Among Significant Countries for Crypto

Nigeria, the largest economy in Africa, is considered one of the countries with the highest crypto adoption index, according to a survey conducted with participants from 15 countries. According to Chainalytics' 2023 Crypto Geography report, Nigeria ranks second in terms of crypto adoption among 154 countries. The expeditious shaping of regulations holds importance for Nigerian investors and local exchanges.

Ronaldo Meets with NFT Collectors

Cristiano Ronaldo met with NFT collectors at a sponsored event, playing football with participants. Ronaldo, providing game tips to his fans, released his first NFT collection as part of his partnership with Binance that began in 2022. The event's high interest shows the potential for more extensive partnerships between sports and crypto in the future.

USA Artificial Intelligence Law and Current Situation

Debates on artificial intelligence continue at full speed in the USA.

A law on artificial intelligence has been enacted in the USA. President Biden decided in October to oversee language models developed by AI companies. In this context, companies working on AI language models similar to Google and OpenAI will be subject to various audits.

Why the USA Regulates Artificial Intelligence?

There are several reasons behind the USA making these decisions and creating relevant laws. One of the most significant reasons is the potential of artificial intelligence to pose a national threat. The factor that accelerated intervention in the matter was President Biden's synthetic voice being used in phone calls. This situation was the last straw for the USA government. In terms of election security and other national security issues, the USA requested these companies to share some security data with the USA.

Whether artificial intelligence poses a national threat or not should be evaluated based on a broad perspective. While AI has the potential to have positive impacts in many areas, misuse of this technology could lead to potential issues, including national security breaches.

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