According to Usul Hukuk Lawyer Kaan Ozcelik, Blockchain Technologies Have Already Joined the Fintech Ecosystem

Press Release
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Sep 12, 2022 09:15 ADT

ISTANBUL, September 12, 2022 (Newswire.com)
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2021 was recorded as a yr during which the fintech sector ran in the direction of document worldwide. The sector was supported vastly by new gamers like cryptocurrencies, blockchain, contactless fee, and cybersecurity stepping in. As acknowledged in the “Pulse of Fintech” report by KPMG in 2021, which is an organization providing company finance and consulting companies, 5,684 transactions with a complete worth of $210 billion have been made in the fintech sector. These operations have been recorded as a rise of 55% in contrast to the earlier yr and centered in the USA, Europe, the Middle East, and the Asia Pacific areas specifically. Usul Law & Consulting Lawyer Kaan Ozcelik acknowledged that firms that do not cooperate with fintech could not carry their companies into the future; due to this fact Usul Hukuk goals to present an up-to-date service by adopting the latest fintech options to its business requirements.

Fintech, a combo of the phrases “financial” and “technology” is included in each a part of every day life right now. As talked about by Lawyer Kaan Özçelik, the conventional banking system is affected by digital tendencies and is filled with quite a few alternatives. According to Ozcelik, who stated there are some dangers on this favorable sector largely brought on by lack of know-how, additionally acknowledged that monetary literacy is a key for hedging. Usul Hukuk, a legislation & consulting agency based mostly in Istanbul, units an excellent instance about how to deliver clear lawyer companies by means of the energy of blockchain and fintech options. By having knowledgeable attorneys together with work-efficient fintech developments, Usul Hukuk solves issues in each area of private and non-private legislation, together with Commercial Law, Labor Law, Criminal Law, Tax Law, Administrative Law and Execution and Bankruptcy Law.

“A New Banking Concept is Evolving to Offer Fast Solutions With Fintech”

Recent research confirmed that in 2021 the dimension of on-line and contactless funds elevated by 41% in contrast to the yr earlier than, and cash transfers and invoice funds grew to become one in every of the most demanded e-services. The veteran lawyer Ozcelik examined this knowledge and indicated that digital banking is the driving drive for the Fintech sector and the widespread use of the on-line and contactless fee methods carries Fintech research into the future.

Saying that Fintech research stick with it in lots of industries concurrently, Ozcelik added: “It’s a fact that digital revolution after the pandemic reshaped mobile and i̇nternet banking systems. What users love about these structures is the fast and comfy usage scheme. As fintech solutions are digital-based, they don’t require many expenses; thus users not only have low-priced services but also benefit from personalized financial instruments.”

“Blockchain Technologies Are Now Accepted As Fintech Instruments”

Lawyer Kaan Ozcelik specialised in capital market legislation and crypto belongings rules, and manages the means of public itemizing for internationally acknowledged US firms, commented about the place of blockchain applied sciences in the Fintech world: “Even though blockchain-based cryptocurrencies are not entitled by authorities, they have already included in the Fintech ecosystem. Despite the slow progress of understanding and regulating this technology, it’s unarguably unfolded that cryptocurrencies are being used as financial and investment instruments. Regulations by the EU, mainly intend to prevent money laundering and terrorist financing. Today many crypto-asset platforms are based in Lithuania and Switzerland as long as platform operators can prove their assets and liquidity providers. The reason is that the adjustment laws in both countries have a mediator approach for Fintech solutions. Also, the tax advantages in specific regions draw investors’ attention. Likewise, some locations in the USA allow crypto mining provided that crypto-fiat conversion is made and the taxes are paid properly. In line with these regulations, some authorities whose crypto-asset approaches are at an intermediate level, desire to benefit from cryptocurrencies by understanding blockchain technology. Nevertheless, it’s one of Usul Hukuk’s duties to help people and companies about comprehending how to engage with these new resolutions as a part of preventing money laundering and terrorist financing rules.”

“Fintech Risks Could Be Eliminated With Financial Literacy”

Lawyer Kaan Ozcelik indicated that new gamers introduced by the Fintech sector led banks to collaborate particularly for shielding client rights and being extra clear. Emphasizing that there are some dangers on this quick and advantaged system, Ozcelik added, “Reformer banking system has many tools that work to the advantage of its users. In addition, even though it is not officially accepted, more universal technologies such as cryptocurrency and blockchain are available now. These types of equipment has lots of advantages along with some risks such as uncertainty of digital consumer rights and unavailability of taking fast-made money transfer orders back.”

Ozcelik underlined the key ingredient to forestall dangers is to observe sectoral developments carefully and stated, “FinTech tools continue to be renewed by going through a high-speed adaptation process. Ongoing studies also show that these tools will become much more common in the future. Usul Hukuk, whose goal is giving universally accepted law and consulting services, is heading towards improving financial literacy and providing comprehensive information about the tools used. To do so, the company aims at informing customers about legal rights to be prepared for cyber attacks and personal data security.”

Press Contact Information

Av Kaan OZCELIK – Usul Hukuk
[email protected]

Source: Usul Hukuk Law & Consultancy