Uzmancoin continues to discuss the cryptocurrency law implemented in Turkey with important stakeholders of the sector. Mustafa Alpay, founder and CEO of Bitlo, one of the exchanges that attracted attention with its recent advertising campaigns, evaluated the latest law.
Stating that Turkey is open in this area, Alpay also drew attention to the young population.
“The good will be distinguished from the bad”
Stating that the new law will distinguish platforms operating in good faith, such as Bitlo, from others, Alpay used the following statements:
“We think that this law will protect the investor and pave the way for a more reliable cryptocurrency market. All platforms, including Bitlo, will now be subject to the supervision of the CMB. Thus, the reliability and sustainability of the cryptocurrency market will be ensured by an official institution. The investor will feel safe. I should also mention that Bitlo has always prioritised reliability since its establishment in 2018. The fact that this regulation will separate sustainable, healthy, reliable platforms such as Bitlo from malicious initiatives is extremely pleasing for us.”
“We could not even explain our digital gold product”
Stating that the traditional investor group in Turkey is still sceptical about cryptocurrencies, the founder of Bitlo said that there is an environment where they have difficulty even explaining their own digital gold products, but they think that this trust will be provided with the regulations:
“Cryptocurrencies are quite popular in Turkey. However, traditional investors are still sceptical about this market. The main reason for this is mistrust… They actually see the advantages of the crypto world, but they cannot overcome this mistrust. For example, as Bitlo, we issued Turkey’s first digital gold GRAMG, which is a crypto asset with a one-to-one ratio of physical gold equivalent. It offers a 24/7 low trading difference for gold investors. Gold investors who meet crypto can benefit from this advantage. But it can be difficult to explain even such a useful product to people who do not know cryptocurrencies or who have had bad experiences with other products. When we remove mistrust and scepticism, more investors will want to take advantage of these advantages. The law on crypto assets can eliminate this distrust and scepticism. This can bring more money into the crypto market.”
“We had made our preparations”
Stating that the new law does not bring any difficulties for them, Alpay stated that they started their preparations well in advance:
“As a matter of fact, the new law does not pose any difficulty for Bitlo. We have been waiting for this regulation for a long time and as Bitlo, we have made our preparations in every aspect. Reliability has always been our number one priority. Since the day we were founded, we have never taken any action that we considered risky from a legal, technological and financial point of view or that we thought would create insecurity, even before the regulation of crypto assets was even in question. When the law came to the agenda, we studied all possibilities with our relevant departments. Of course, compliance processes may lead to some slowdown in the market. But the crypto world will adapt to this new legal framework in a short time. In the long run, a healthier and sustainable market will emerge. As for the conveniences and advantages this law provides us… First of all, it will separate trusted cryptocurrency platforms like Bitlo from malicious attempts. We already explain ourselves, but official institutions will also confirm our reliability. Of course, confidence in the cryptocurrency market will be renewed. This will mobilise the market. Perhaps more long-term investors will now prefer crypto assets or make their commodity investments in blockchain-based assets such as our GRAMG token.”
“The most questions came about tax”
Stating that they always stay in contact with their customers about the regulations and even received awards in this regard, Alpay said that the most frequently asked issue is tax:
“Of course we do. Taxation is one of the most curious issues. Especially the question ‘Will cryptocurrency trading be subject to tax?’ is asked a lot. We have a very dynamic user support team. We have been selected as the Cryptocurrency Platform with Flawless Customer Experience three times in a row at the Şikayetvar A.C.E. Awards. Our team answers all the questions of our users 24/7.”
“We care about RWA tokenisation”
Stating that Turkey sees a bright future in the crypto field, Mustafa Alpay stated that they attach importance to real world assets (RWA) tokenisation, especially as a stock exchange:
“Turkey, with its young human resources, has a very dynamic infrastructure for the development of blockchain and cryptocurrency technology. Very bright ideas come out of young people. Regulations show that our country will not restrict this dynamism. On the contrary, it will pave the way for new initiatives by creating a healthier market. In this respect, Turkey can be a country that has a say in the field of cryptocurrency and blockchain in the future. In the meantime, as Bitlo, we see ourselves as a part of this dynamism and innovation. We create useful products that solve various problems. We especially care about the tokenisation of real world assets. We continue our work in this direction.”