Istanbul, Turkey, December 12, 2023
On December 11, 2023, at the invitation of the UK Parliament, Şakir Ercan GÜL, former Deputy Minister of Finance of Turkey and Chairman of the CoinTR Board, and Ali Eşelioğlu, former Deputy Director of Central Bank of the Republic of Turkey and CEO of CoinTR, traveled to London to participate in a Web3 and Central Bank regulatory discussion forum with representatives from the UK Parliament in Committee Room of Westminster.
The main topic of meeting was “The Role of Central Banks and Governments in the Era of Cryptocurrency, Web 3.0, and AI.” Dignitaries from the UK attending this meeting included Chair of All Party Parliamentary Group on Central Bank and Digital Currency, Marcus Fysh MP ， Chair of All Party Parliamentary Group on Metaverse and Web 3.0 Baroness Paola Uddin，Chair of All Party Parliamentary Group on Investment and Trade, Viscount Waverley.
During his tenure at the Ministry of Finance, Şakir Ercan GÜL chaired the formulation of blockchain regulatory legislation in Turkey. During the meeting, he shared the Turkish government’s experiences and insights in blockchain regulation.
Ali Eşelioğlu stated that digital finance is rapidly changing the foundations of traditional financial systems, and the decentralized nature of Web3 makes traditional financial regulation challenging. Legislators and central banks need to actively play new roles to address the opportunities and challenges presented by Web3.
Legislators should enact regulations to ensure the compliant development of DeFi, protect user assets, and assess the potential value and risks of DeFi, including financial inclusion, cost reduction, and the potential for innovative financial products and services. Government agencies should enhance public education on cryptocurrency and compliance, helping people understand the value and risks of cryptocurrencies.
Central bank should fully understand the impact of DeFi on the financial system, formulate currency policies and payment systems compatible with DeFi, consider their impact on currency supply and interest rates, and enhance the security of DeFi protocols through collaboration. Central banks can also provide funding to support innovation in financial products and services through DeFi.
Artificial Intelligence (AI) can be applied in areas such as data analysis and process automation to enhance the efficiency and productivity of both traditional and decentralized financial institutions, manage risks, reduce losses, and protect user assets.
As a Turkish blockchain technology company with a strong traditional financial background and leading global technology, CoinTR is providing technical support for Turkish banks in managing DeFi processes effectively and enhancing regulatory capabilities. CoinTR aims to collaborate closely with legislative bodies and financial institutions, serving as a bridge between traditional financial systems and the crypto ecosystem.
British Member of Parliament and Chair of All Party Parliamentary Group on Central Bank and Digital Currency, Mr. Marcus Fysh MP, mentioned at the end of the meeting that Turkey, as one of the world’s largest cryptocurrency markets, holds a significant relationship with the government in maintaining openness to blockchain development. This exchange provides more reference experience for the integration of blockchain with traditional finance in the United Kingdom.
Previously, in discussions with the Chairman of the Investment Office of the Presidency of Turkey, CoinTR actively proposed a constructive plan for building Turkey’s blockchain-based digital financial infrastructure. This proposal gained support from the Investment Office of the Presidency, and currently, discussions have commenced with two major state-owned banks regarding the implementation of the plan.
CoinTR is a global digital asset exchange based in Turkey, founded by product and technology experts from the Turkish financial regulatory authority, the national bank, and the top three global exchanges. To date, CoinTR has accumulated over one million users, with a daily trading volume of $300 million. The team comprises wallet security teams from three major global exchanges, including a former vice president of Huobi, and over 100 product and technology experts, 80% of whom have over three years of experience in leading exchanges worldwide. With a wallet system operating smoothly for eight years, CoinTR maintains the highest security record in the industry, having managed digital assets worth over $50 billion.
The team has previously developed and maintained the world’s largest trading system, participated in the development and deployment of licensed exchange products and systems in Japan, obtained trust licenses in Hong Kong, and established asset management and wallet systems. In October of this year, CoinTR attracted high-level officials from five financial regulatory institutions in Turkey, including the Central Bank of Turkey, the Turkish Ministry of Finance and Financial Monitoring, and the Banking Regulation and Supervision Agency.
CEO name: Ali Eselioglu
Email: [email protected]
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