Crypto exchanges are ready for regulations!

According to the statement made by the Ministry of Treasury and Finance, cooperation among the Central Bank, the BBDK, the SPK and other institutions was formed and the regulatory work on crypto currency exchange platforms is being carried out. After regulation news releases, according to the feedback received from the platforms on crypto-currency stock exchanges operating in Turkey received by crypto-currency news platform Coinkolik.com and BTChaber.com, exchanges seem ready for regulation. Stating that they have improved the infrastructure and service works that provide security and user convenience, stock exchange platforms anticipate that the process will be positive and the regulations will contribute to the functioning of the sector. Vebitcoin CEO İlker Baş said that: “With our internal security department, we have put KYC (Know Your Customer) and AML (Anti-Money Laundering) policies into use effectively. We are the first company in the sector to present the personal information of our users who want to make transactions to our internal security department and offer their users the option to deposit money in line with the investigations.” Paribu CEO Yasin Oral stated that: We have always cooperated with institutions and organizations such as SPK, BDDK, MASAK and TCMB. We translated “Digital Asset Regulation” study, prepared by STASIS, covering regulations in 15 countries into Turkish and shared the study free of charge.”

Stating that they find the work of regulatory authorities and the ministries beneficial, Bitpanda Turkey and MENA General Manager of Elbruz Yılmaz expressed that: “Bitpanda is registered to the French Financial Markets Authority (AMF) and the Austrian Financial Market Authority (FMA) in accordance with the PACTE law and it is subject to European Union (EU) regulations with PSD2 license as a payment service provider. We continue to work in accordance with these regulations in all markets where we are active within the scope of these licenses we have acquired in Europe.” ICRYPEX General Manager Ezgi İçer said that: “In terms of taxation, in order for an asset to be taxed, the relevant asset must first be defined. For example; securities are subject to a different taxation procedure while there are different taxation regimes for foreign exchange. We think that cryptocurrency platforms, which integrate the taxation process into the stock exchange applications, will successfully go through this process, together with the determination of the necessary definitions of the relevant crypto assets in terms of taxation.”

Thodex CEO Faruk Fatih Özer noted that: “We have helped buy and sell crypto money safely for all our users both in Turkey and abroad via the license agreements we have received from FinCEN MSB in USA and finally from Estonia. We will continue to work in the same way.” Narkasa CEO Erdal Kaya, who noted that they subject their systems to independent tests by conducting Bug Bounty (inspection of systems by rewarding those who find system vulnerabilities) studies together with white hat hackers, said that: “As we have stated in our contracts, we also do the taxation of the earnings and repayments to be earned by users who are both the reference code holders and the members with a reference code. We believe that no taxation will be made for the earnings through the mining method, but the earnings from crypto money investments will be taxed.”