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OKEx Expands to Turkey and Launches Turkish Lira C2C Trading

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OKEx, a Malta-based world-leading digital asset exchange, announced its expansion to Turkey by launching Turkish Lira on its C2C (customer-to-customer) fiat-to-token trading platform at its C2C Network Launch Event in Istanbul. The Turkish Lira C2C trading service will be available from early April. To cater to the upcoming traffic from the Turkish market, the Turkish language is now also available on OKEx.com, in addition to the already supported 8 languages.

Turkey is the country that has one of the highest percentages of crypto ownership in Europe, and it owns one of the fastest growing crypto communities in the world. While Turkey is entering an economic recession, people are finding ways to safeguard their wealth and many of them have turned to digital assets. At OKEx, we are actively looking for ways to serve the community here. By supporting Turkish Lira, we hope to provide an additional solution for the local people to address their concerns on economic stability,” said Andy Cheung, Head of Operations of OKEx.

At the evening networking event hosted yesterday in Istanbul, the Turkish capital, OKEx brought together a group of blockchain and technology enthusiasts to discuss the crypto and blockchain development in the country. During the “mindxchange” session, several crypto leaders and entrepreneurs generated an insightful conversation about the mass adoption process of digital assets in Turkey. The panelists, including Hakan Kayış, Founder of SocialTheGang, Tolga Odoğlu, Managing Partner of Menapay, Eray Eren, Co-founder and CPO of Colendi, Elçin Karatay, Lawyer of Solak & Partners, shared their views about how to promote crypto adoption and discussed the potential of blockchain applications in Turkey market.

Turkish Lira Now Available on OKEx C2C Trading

OKEx C2C trading platform allows users to place orders with self-selected exchange rates and payment methods to buy or sell Virtual Financial Assets with fiat currencies, benefiting users by offering a low-volatility market and zero transaction fee. Turkish Lira C2C Trading Platform will be officially available in early April.

OKEx C2C trading offers a decentralized platform for the buying and selling of Bitcoin (BTC), Tether (USDT), Ethereum (ETH), and Litecoin (LTC). To trade on the C2C platform, users in Turkey have to complete simple steps, including KYC level 1 verification, as well as linking a valid Turkish bank account and a mobile number.

For more information about C2C trading, please visit here.

SOURCE OKEx

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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