Ali Eşelioğlu, who came to the CEO position of the stock exchange from the Deputy Central Bank of the Republic of Turkey, shared his expectations regarding the legal regulations to be brought to crypto exclusively to Coinkolik.
Cryptocurrency exchange CoinTR celebrates its second anniversary. The stock exchange, which introduced board members who stand out with their bureaucrat and technocrat backgrounds at the press conference they held last week, displays a very hopeful attitude about the future.
Şakir Ercan Gül, Chairman of the Board of Directors of CoinTR, who served as the chairman of the Savings Deposit Insurance Fund and Deputy Minister of Treasury and Finance in the past, said at the press conference held in Kuruçeşme, Istanbul, “No exchange with local affiliates has the global experience and technological infrastructure that CoinTR has.” “He doesn’t have it,” he says.
Reminding that CoinTR, a cryptocurrency exchange originating from the UK, Turkey and China, has been providing services since September 2022, Gül said, “Although Turkey is the world’s fourth largest market in the crypto industry, users tend to convert their TRY balances into crypto through local exchanges and transfer them globally.” argues.
“It is a very important point that for the first time a manager from the Central Bank is appointed to a cryptocurrency platform, and that the Board of Directors is composed entirely of names from very powerful institutions of the public and private sectors. “In this context, considering the success of a local platform on a global scale and the trust given by important names in public institutions who think globally and act locally, we can say that we will continue to expand on a global scale, aiming to reach a leading position in the Turkish market,” he said.
“We do not think that the sector will be harmed by regulations”
After the press conference coinholic Answering ‘s questions, CoinTR CEO Ali Eşelioğlu evaluated the crypto regulation efforts that have been ongoing in Ankara for the last two years: “As our esteemed President Şakir Ercan Bey said, many drafts were discussed during the pandemic period. We also took part in those studies. Ankara sought the opinion of the sector from time to time, and we shared our opinions. There is reluctance on issues that would harm the sector. “I guess that a study will be carried out in the regulations that will not cause harm on this issue.”
‘We do not expect a restrictive regulation’
The upcoming regulations on crypto are also a harbinger of the tax that will be brought to this sector. We asked Eşelioğlu about his expectations regarding taxes. As a matter of fact, taxation is currently on the agenda of the sector. In the Medium Term Program announced last month, articles regarding the taxation of digital assets were announced. However, there is uncertainty as to what rate and where the tax will be applied. Some worry that a transaction-based tax will be introduced and that if this rate is kept high, traders (and therefore capital) may flee abroad. Eşelioğlu said, “We hear about some tax studies, but frankly we do not know the final version and staggering. As our President said, we estimate that the sector will not be harmed. “We do not expect a restrictive regulation,” he says.
‘We will not issue a stock exchange token, but…’
We asked Eşelioğlu whether CoinTR will issue its own token, just like other exchanges. “We do not plan to issue tokens anytime soon. There is no benefit to investors in issuing tokens now. Of course, we will issue it when it creates value for the investor, but we are not considering it in the near future. There are very valuable companies in Turkey. “We are working on tokens for important institutions that will benefit both themselves and investors.”
‘ Turkish investors suffered serious losses in altcoins
Stating that although Turkey is among the leading countries in the world in the adoption of crypto, Eşelioğlu sees a deficiency in financial literacy, he says: “I think there is a deficiency. That’s why we became a member of the Financial Literacy and Access Association (FODER) and we will cooperate with them. Frankly, we need to explain a little more. Turkish investors ranked in the top four in the world, but they suffered serious losses in altcoins, as in the rest of the world. Frankly, this stems from not knowing. It would be beneficial for our investors to be more informed. “To tell the truth, we see some shortcomings.”
