After a recent ban on pancake wap, Turkish supervisors can quickly resign on other Defi services and portfolios.
The recent prohibition of Turkey on Pancakeswap (cake) Decentralized Exchange has brought concern that other Defi services can follow. A recent panel of supervisors, during the Istanbul blockchain week, suggested that this can be the case.
In a transcript shared with crypto.news, regulators outlined the new criteria for enforcement, which also apply to Defi services. Under the new framework, DEXs and even non-rights portfolios would be needed to follow the same rules as centralized services.
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However, this does not mean that all such services would be prohibited. According to Ali Ihsan Güngör, Executive Vice chairman of the Capital Markets Board of Türkiye, the regulations follow the so-called distribution principles. In particular, Defi products that are marketing to Turkish citizens who have to adhere to local regulations will be.
“A Turkish citizen can, entirely of his own free will, receive services from another institution abroad, because capital movements are already free,” Güngör explained. “However, if institutions or entities provide Defi services that aim their activities to Turkey, through widespread promotion, advertisements or marketing, they are subject to our regulations.”
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Turkey connects pancake wap for promotions for its citizens
“We have already started laying access blocks on such websites,” Güngör added. The main regulator probably referred to the recent ban on pancake wap, together with 46 other websites that took place on July 4.
The supervisors ordered internet providers to block the domain of pancakeswap in the country, along with a ban on associated mobile apps and associated social media accounts. Nevertheless, regulators did not outline which channels used pancake wap to focus specifically on Turkish users.
Pancake wap is a decentralized protocol without registered branches or legal entities in Turkey. For this reason, the exchange would have difficulty requesting the required licenses for crypto service providers in the country.
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