Turkish Exchange Develops Blockchain-Based Customer Database

Published at: Sept. 6, 2018

Turkey's Borsa Istanbul Stock Exchange (BIST) has developed a blockchain-powered customer database, Daily Sabah reported September 6.

Founded in 2013, BIST is the result of the merger of the Istanbul Stock Exchange, the Istanbul Gold Exchange, and the Turkish Derivatives Exchange (TurkDex). Per the exchange’s annual report for 2017, it has 399 listed companies, a market capitalization of around $133 billion, and $1 trillion of total traded value.

The recent development will synchronize the customer databases of Borsa Istanbul, Istanbul Clearing, Settlement and Custody Bank (Takasbank), and the Central Securities Depository of Turkey (MKK).

The new platform, which is “designed under the Know Your Customer concept (KYC),” will manage the addition of new customers, manage documents, and edit information. "If required, the application can be used in other projects too," BIST reportedly said.

In the beginning of August, Turkey established the country’s first university-level blockchain center, aiming to close the blockchain expertise gap and ensure wide deployment of the technology. The center’s director Bora Erdamar said then that Turkey may have a chance to become a leading country in blockchain technology.

While in recent months Turkey has demonstrated a proactive approach to blockchain adoption, even considering the development of a national digital currency, lawmakers of the state Directorate of Religious Affairs have previously said that Bitcoin (BTC) was “not compatible” with Islam.

Despite the government’s position, cryptocurrency exchanges in Turkey reportedly enjoy the support of most banks, making it easier for new traders to start buying and selling cryptocurrencies.

Interest in cryptocurrency has grown in the country following a nosedive of the national currency, the Turkish lira. In mid-August, local exchanges saw trade volumes spike by as much as 150 percent, as traders tried to protect their fiat savings from devaluation by pouring it into Bitcoin.

Tags
Adoption
Blockchain
Kyc
Turkey
Related Posts
WEF Report: 40 Central Banks Are Considering Digital Currencies, Blockchain Tech
Dozens of central banks around the world are currently or soon will be experimenting with central bank digital currencies (CBDCs), according to a recent report from the World Economic Forum. Citing a January 2019 report by the Bank for International Settlements (BIS), the WEF states that at least 40 central banks across globally are conducting research projects and pilots with blockchain technology that aim to address such issues as financial inclusion, payments efficiency and cybersecurity. The report states that CBDCs, which are issued on distributed ledgers and can be transacted in a peer-to-peer manner, will purportedly enable faster and more …
Adoption / April 3, 2019
NFTs and compliance: Why we need to be having this conversation
“Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws.” — Plato The above quote has withstood the test of time. Across industries, markets, communities and ideas, people ultimately will find a way to either do good or at worse, wrong. Nonfungible tokens (NFTs) and crypto are certainly no exception to the rule. The industry is exploding — overflowing even — with endless drops, jaw-dropping floor prices and adoption across ever-expanding corners of culture. NFTs are moving forward at breakneck speed, and the money is there. According to …
Adoption / Jan. 21, 2022
NYDFS calls for crypto firms to use blockchain analytics
In a letter published on Thursday, the New York State Department of Financial Services, or NYDFS, recommended that all digital currency companies operating under New York banking law adopt blockchain analytics to trace transactions. In supporting the decision, the regulatory agency wrote: “Wallet addresses are typically pseudonymous, with nothing on the face of the transfer tying back to the originator, beneficiary, or underlying beneficial owners.” Therefore, as told by NYDFS, it is vital that such classes of firms use blockchain analytics to prevent illicit transactions, such as money laundering or terrorism financing. The agency also outlined three analytical processes that …
Adoption / April 28, 2022
Are non-KYC crypto exchanges as safe as their KYC-compliant peers?
Many see implementing Know Your Customer (KYC) tools in crypto as a deterrent to the Bitcoin (BTC) Standard, which has predominantly promoted anonymized peer-to-peer transactions. However, regulators stay put on promoting KYC and anti-money laundering (AML) implementations as a means to ensure investors’ safety and protection against financial fraud. While most crypto exchanges have begun implementing regulatory recommendations to remain at the forefront of crypto’s mainstream adoption, investors still have the choice to opt for crypto exchanges that promote greater anonymity by not imposing KYC processes. But does opting for the latter as an investor mean compromising on safety? A …
Adoption / Aug. 20, 2022
Web3 community unites for Turkish–Syrian earthquake victims: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. In the aftermath of a deadly 7.8-magnitude earthquake in southeastern Turkey, the Web3 community has come together to raise awareness and aid for disaster victims. Stablecoins could prove to be a critical factor in larger DeFi adoption, says Aave founder Stani Kulechov. According to the Aave executive, building the “payment layer,” which involves stablecoins, can potentially hook regular people into the space, eventually introducing them into DeFi. On the other hand, S&P Global Ratings …
Adoption / Feb. 10, 2023