Major Crypto Platforms Want Regulation for Transparency

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Gizem Karakis – ANKARA

Representatives of Turkey’s three largest cryptocurrency exchanges conveyed demands on three main topics to a senior ruling Justice and Development Party (AKP) official: capital requirements, infrastructure technology and financial transparency.

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Commenting on their meeting with AKP Deputy Parliamentary Group Leader Mustafa Elitaş on January 20, Paribu CEO Yasin Oral said, “We believe it would be in the interests of both the ecosystem of crypto assets and interests of the country to subject these entities to regulatory audits. which have obtained an establishment license from the authorities, have paid-up capital, operate with their own technological infrastructure in Turkey and do not generate income without paying taxes.

“We also believe that the technical and legal aspects of security token offerings should also be considered as part of a settlement. If we can put into practice inclusive regulation that facilitates and preserves users, we can seize the opportunity and strengthen the Turkish economy,” he told a group of journalists after the meeting.

A bill to regulate local cryptocurrency exchange platforms is expected to be submitted to the Turkish parliament in the coming weeks.

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“We will continue to talk with several stakeholders,” Elitaş said after the January 20 meeting with representatives from Paribu, Binance Turkey, and Btc Turk.

He reiterated that they would prefer framework legislation to allow room for rapid changes with guidelines in a rapidly changing environment. He also strongly denied that a 40% tax was imposed on cryptocurrency income.

Recalling that they already pay taxes for all transactions and other operations, representatives of cryptocurrency platforms noted that only foreign-based exchanges should be forced to pay a new tax on cryptocurrencies. currencies.

These cryptocurrency firms should also be required to establish technology infrastructure inside Turkey so that they can be held accountable, they added.

On Jan. 3, Btc Turk CEO Özgür Güneri said he paid 965 million Turkish liras (about $71.8 million) in taxes last year.

Btc Turk’s total trading volume in 2021 was 1.7 trillion lira with a daily volume of 4.7 billion lira ($349.5 million), according to his remarks.

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The number of members of the Btc Turk platform increased by 3 million to reach 4.5 million last year. Btc Turk’s mobile app ranked 10th in Apptopia’s list of the world’s most downloaded crypto apps for 2021.

Paribu, which also has more than 4 million users, increased its paid-up capital to 40 million lira (nearly $3 million) last year and established a blockchain technology company with a paid-up capital of 50 million. lira ($3.7 million).

The daily trading volume on Binance Turkey is around $320 million, according to CoinGecko. More than 30 cryptocurrency platforms operate in Turkey.

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On December 27, 2021, the Financial Crimes Investigation Commission (MASAK) fined Binance, or BN Teknoloji, 8 million Turkish liras (nearly $595,000) in the first action against a platform. form of cryptocurrency by a watchdog.

On May 4, 2021, MASAK published a guide for crypto-asset service providers. Under these guidelines, crypto exchanges are allowed to verify the identity of subscribers, report suspicious transactions and high volume transactions.

The Central Bank’s ban on using cryptocurrencies to make payments, which was introduced in response to claims that such transactions are too risky, came into effect on April 30.

Bitcoin,

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