Binance Turkey, the world’s leading blockchain ecosystem and crypto money infrastructure provider, continues its efforts to ensure the security of the crypto asset ecosystem.
Announcing that the legal framework of crypto currency exchanges should be regulated in a way that protects the user without harming the industry and hindering innovation, Binance TR has announced healthy crypto asset industry recommendations in 13 steps in order to protect trust, honesty and transparency for legal regulators and important stakeholders.
A Clear Definition of “Crypto Asset” Should Be Established
In the statement made by Binance TR, it is stated that understandable definitions should be used in economic and legal planes, while a definition that will eliminate the discussions in the crypto asset industry. “can be transferred, stored or traded electronically”, “Exchangeable”, “to be designed or used as a store of economic value” stated that they should meet their meanings.
Stable Coins Should Be Regulated, NFTs Should Be Valued Separately From Crypto Assets
Recommending that stable coins should be regulated and regulated in the same way as crypto assets, Binance TR explained the view that NFTs should be considered separately from crypto assets. It was underlined that NFTs and crypto assets, which discover a different usage area every day, should be differentiated in order to make the most of these technologies.
Staking Should Be Enabled
Binance TR stated that ‘Staking’ activities, which is a method of earning rewards for users’ crypto assets, should not be restricted, otherwise the user experience will be damaged, as well as the principles of crypto assets being user-oriented and working with the power of the community.
Emphasizing that ‘Staking’ is a system that not only helps users to earn rewards honestly, but also keeps them secure globally and autonomously, Turkish users should not be deprived of such a vital issue for the crypto and blockchain ecosystem,” the statement said.
Provide Direct Access to Users
Drawing attention to the importance and potential of Turkey in the crypto-asset industry, Binance TR stated that it would be most beneficial for Turkey to be as free as possible for users to access crypto-assets. However, it was underlined that such ‘easy access’ should be restricted to players with adequate and robust Authentication and Anti-Money Laundering procedures.
Global Pools Should Be Allowed
Stating that the small liquidity pools will be open to market manipulations, Binance TR emphasized that large pools will allow users to trade and make investment decisions with higher convenience and financial security.
Crypto Asset Custody Services Should Be Regulated
Referring to the importance of storing crypto assets securely, Binance TR stated that for security, each crypto asset exchange should use one of three types of service (exchange escrow model, self-custodial model, third-party custody model) and said, “These models should be subject to regulation and audits.” .
Binance TR also, determining clear criteria in the listing and delisting processes.exchanges with sufficient research capacity being able to decide on their own listings stated it should. In addition, to protect users of exchanges, there is a to the insurance fund stated that it should have.
High Security Standards Should Be Mandatory
The regulations to be applied principle-based Binance TR, stating that it should be and should not be limited by today’s technology, acted with the responsibility of crypto asset service providers. comply with high safety standards highlighted its importance. In the statement, limiting crypto transfers It was underlined that the usability and development of existing technology was damaged by the
Published by Binance Turkey “Regulatory Framework Recommendations and Principles on Crypto Asset Exchanges in Turkey” detailed information about from here you can reach