Garanti BBVA Digital Assets General Manager Korcan Abalı stated that the sector can grow on issues such as tokenization with the crypto law and said, "We expect issues such as tax, reporting and accounting standards to be clarified with secondary regulations."

Garanti BBVA Digital Assets General Manager Korcan Abalı, in his evaluation of the law, stated that the trust factor is important in investments and that they found the regulation very important in this respect.

Stating that, as Garanti BBVA Digital Assets, they come from a sector that is strictly controlled internationally and nationally, Abalı said:

"From the first day, we created our own boundaries as if there was a regulation. Now the regulations will cover the entire sector. The protection of investors and investments increases with the determination of the responsibility of the crypto service provider. With this, the tightening of coin listing conditions can also be expected. We generally consider that the sector can grow on issues such as tokenization. We anticipate that developments will be determined by secondary regulations and implementation principles."

Abalı said that they are making preliminary preparations because they are indirectly bound to legislation and rules such as MiCA, BIS, SAB 121 within the scope of the law.

Referring to secondary regulations, Abalı said:

"We expect issues such as tax, reporting and accounting standards to be clarified with secondary regulations. In the process, secondary regulations that we expect from the Capital Markets Board, Banking Regulation and Supervision Agency, MASAK, Revenue Administration will be as important as the crypto law. We will proceed according to these developments."

"New coins will be added soon"

Abalı stated that on the Garanti BBVA Crypto platform, Bitcoin, Ethereum, ERC-20 tokens are currently traded with USDC, Avax, dollars and crosses.

Stating that new coins may be added to the platform in the near future, Abalı said, "There are transaction limits and we announce them transparently on our Garanti BBVA Crypto mobile application and website. When determining commission fees, we take into account dynamics such as our customers' opinions, our company's financial goals, costs, and taxation conditions." made his assessment.

Abalı shared the following information about the storage service:

"In the blockchain, we create the private keys (crypto variables), which constitute the rights and ownership of the asset, on special hardware (Hardware security module) and the password is never released. Public keys encrypted from private keys can be shared like a bank account, transactions can be made by communicating with the blockchain via hot wallets through network nodes. In this way, we have connections with Bitcoin, Ethereum and Avalanche c-chain networks. In general, we do not list coins that cannot pass the coin selection processes, such as Solana, Cardano, Polkadot, Chiliz, ASI. "We plan to support tokens such as these if the listing processes are positive."

Pointing out that all processes were created as if there was a legal regulation, Abalı noted that they used Garanti BBVA's data centers, which have Uptime Institute's Tier-4 standard compliance certificate and are operated with high redundancy in Turkey.

Abalı stated that they are working to provide high-level security for users, and emphasized that they aim to provide even more security for blockchain technologies with special encrypted areas and hardware.

Regarding the security issue, Abalı gave the following information:

"High redundancy, recovery targets in a short time and without loss, audits within the framework of data security and governance standards within the framework of international standards, internal and external security tests, mobile threat defense systems, surveillance systems, general solution design audit, hardware security key security, FIPS-140 "We ensure the security of our customers with our standards-based processes such as -2 level 4 security hardware standard, continuous recognition of the customer, evaluation according to their risk profile and behavior, geographical access, source and target tracking, fraud controls, standard processor/approver controls."

Crypto assets should not be used as loan collateral

Abalı stated that they do not see any signs that cryptos such as Bitcoin and Ethereum will be considered as loan collateral in banks in the near future and said, "Such applications can be expected to come in the context of digitalization of capital markets and commercial life regarding stable currencies and tokenized assets."

Reminding that the law covers individuals resident in Turkey, Abalı stated that, apart from dual citizenship, if foreign individual customers make transactions, the conditions imposed by MASAK regarding the identity verification processes will be effective.

Abalı said, "Since this is a situation we have previously evaluated for institutions, apart from the regulation of crypto service providers and custodians, the ownership of these assets in Turkey should be very clear and the ownership of the assets of international institutions should be mutually guaranteed within the framework of international regulations." t-64/>#Bitcoin